Fixed-fee collateral warranty review service
On most projects, there are a number of stakeholders that require collateral warranties from the supply chain to provide a contractual link to parties that the stakeholders would not otherwise have.
Each collateral warranty provided increases the ‘warranty provider’s’ risk as each ‘beneficiary’ is permitted to bring a claim via the collateral warranty in the event that the warranty provider has made an error in its work; consequently the terms of any collateral warranty need to reflect the bargain which has been reached in the underlying appointment from which the collateral warranty flows so that no additional risk is being assumed.
For a fixed fee of £250 plus VAT our team provides a review service where it advises on the risks associated with the form of collateral warranty which is required and, where appropriate, suggest alterations to mitigate the risk thereunder.
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