Episode 60 - Standard Building Contract (SBC) Part 2

This episode delves into the Standard Building Contract, focusing on sums due, payment processes, insurance, termination clauses, and dispute resolution methods. It explains the differences between lump sum and remeasurement contracts, detailing how contractors can be reimbursed for direct losses due to delays. The discussion covers the importance of interim payment certificates, retention fees, and the implications of employer payment failures, including interest accrual and contractor suspension rights. Insurance options are outlined, emphasizing the contractor's responsibility for public liability and the employer's role in insuring existing structures. The episode also examines termination scenarios initiated by either party and the five dispute resolution methods available, from negotiation to litigation, highlighting the binding nature of adjudication decisions. An example scenario illustrates discrepancies in interim payment certificates and the necessary steps for resolution.