Aug 26
We have just priced some small value building works in Central London Circa £300K. The Clients required a 20% Construction Bond a 20% performance bond also 10% retention.
A letter from the contractors bank as too their standing and facility to draw down the value of the contract without cause also 40 days payment after Valuation.
There was also a 2% fee for processing the payments and also £1000.00 a day Liquidated Damage.
15 contractors invited to tender.
What’s the point of the contractors tendering as it ties up the cash flow. and resources.