On November 21st, the Supreme Court of Canada released a crucial decision on the interpretation of the “faulty or improper design” exclusion in all-risks builders’ insurance policies. By a bare (4 to 3) majority, the Court adopted a comparative standard requiring insurers to show that an impugned design failed to meet “the highest standards of the day” for the exclusion to apply ...
Attorneys and Government Policy Advisors in Dykema's Infrastructure and Project Finance Practice Area, seek to keep our clients and contacts abreast of pending legislation, new developments and other topics. Our intent is to provide you with timely, relevant, and useful information that will help you with your business goals ...
Bolivian law contemplates two procedures by which local companies with financial difficulties, are ultimately obliged to sell their assets in order to satisfy existing payment obligations, be it through a mandatory dissolution and liquidation or through a judicial bankruptcy procedure. I ...
Recently, the Federal Reserve Bank of New York announced a new program to facilitate the issuance of shortterm commercial paper (“CP”) by eligible issuers. The program was launched on Monday, October 27, 2008. The program is being administered by a new special purpose financing vehicle (“SPV”) that is referred to as the Commercial Paper Financing Facility, or “CPFF ...
The SFC recently issued a press release and a circular on risk disclosure. The circular reminds issuers of retail investment products, including authorised funds, of their duty to include in offering documents sufficient relevant risk information for investors to make an informed investment decision, and for marketing materials to be "clear, fair and present a balanced picture with adequate and prominent risk disclosure" ...
For a long time, there have been negotiated general terms and conditions for the purchase of goods for construction businesses. The latest version is called ABM 07.Before I explain the changes these entail in relation to the previously provisions, ABM 92, I will give a summary description of the development, from the mid-1970’s, which has led to the ABM of today ...
On 1 July 2008 a new Marketing Practices Act entered into force. The new act implements Directive 2005/29/EC on unfair commercial practices and implies some new aspects for Swedish companies to take into consideration. These include a new way of qualifying commercial practices and the fact that marketing statements can, in the final instance, be subject to assessment by the European Court of Justice ...
The US judge who presided over the nation's only successful copyright infringement case for file-sharing by an individual, has declared it a mistrial. He said he had committed a "manifest error" in his instructions to the jury and the award of damages of $222,000 was "unprecedented and oppressive" ...
The proposed amendments to the Act have now been issued by DBERR. They are due to progress through parliament this session, but the key question is are they as anticipated and do they cover the recommendations made for change? The answer is largely yes. Although some in the industry will argue that they do not go far enough, they are representative of the latest 2007 Consultation ...
The JCT Constructing Excellence Contract 2006 is seen as a radical departure from the JCT's more "traditional" building contracts. However, will it be used used by developers in the private and public sectors? Many of the more "traditional" forms of contract (JCT and ICE in particular) were perceived to encourage an adversarial approach ...
The Scottish Government has recently unveiled its long-awaited proposal for financing and delivering major public projects in Scotland. The initiative, the Scottish Futures Trust (the SFT), will replace the widely-criticised Private Finance Initiative (PFI) and heralds a golden opportunity for the delivery of high quality projects which represent value for money for the taxpayer ...
A few years ago, Rick Rein got a call from a Chicago-area bank that had lost $1 million to a con artist who cashed a fake check that looked so authentic it easily passed through the bank's computer system. The fraudster wired the money to an obscure bank in Florida, then out of the country before the bank realized a month later the check was phony. Mr ...
Part I of a III Part Primer: An Introduction This newsletter is the first of a three part report prepared for our public finance clients with respect to “public private partnerships.” Also known as “PPP” or “P3” projects, there is an increasing amount of press regarding these projects, some of which is contradictory and some of which is just plain confusing ...
Japanese knotweed is an extremely invasive plant which is capable of damaging property and can grow through concrete or even the floors of houses. It is difficult to eradicate and its disposal is considered to be "controlled waste" for the purposes of the Environmental Protection Act 1990. Knotweed will often be apparent on inspection but this will not necessarily always be the case. A fragment of root as small as 0 ...
From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares. This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...
The Crossrail Act 2008 (the “Act”) received Royal Assent on 22 July 2008. The Act authorises the works necessary to build Crossrail and the acquisition of land and interests in land necessary for those works. In addition, the Act establishes a planning and heritage regime for the works ...
The Government has announced a new scheme to supplement the existing HomeBuy scheme. The new scheme, known as "Rent to HomeBuy", will allow potential buyers to rent a property for a specified period at a less than market rent, with the option to buy a share of the property at the end of that period. The Government hopes that the new scheme will enable more tenants to buy their own home ...
As if employers and contractors needed reminding, two recent decisions emphasise the importance of having a contract in place as soon as possible, and the dangers of starting work on a letter of intent ...
Product liability insurance is often offered as an alternative to professional indemnity insurance by sub-contractors but is it really an alternative? The two forms of insurance have some fundamental differences. Professional indemnity insurance covers claims arising out of the professional activities of design consultants, sub-contractors or the contractor ...
Throughout the industry press, the topic of conversation at networking breakfasts, you can’t escape the doom and gloom of the global credit crunch. But what does this really mean for the industry? First and foremost, it means that risk will increase. There is more chance of a party experiencing cash flow difficulties, or even going bust. There will be less work around, resulting in keener prices and greater competition ...
Earlier this month the European Commission closed an investigation into a development in the German City of Flensburg. On the facts which the Commission eventually established it decided to close its file and take no further action, but it is the background which is interesting and provides a pointer to what best practice should be – particularly now that the Public Contracts Regulations 2006 have been in force for a number of years ...
Several years ago the Municipal Council in Alexandroupolis invited tenders for a contract to carry out a project in respect of a town plan. Using the appropriate procedure the Council issued a contract notice identifying the award criteria in order of priority (as was required by the relevant rules) ...
A. INTRODUCTIONThe development of transportation infrastructure in the Lower Mainland depends on expropriation of private property ...
The real estate market in Macedonia has been in a state of transition for the last two decades. This period brought the country from a situation in which such investment was seen as a duty primarily fulfilled by State bodies, institutions and enterprises to one in which the sector was left virtually entirely to the private sector ...
