In a situation where a contractor notices that the employer has become bankrupt, he/ she should take possession of the equipments and materials on site, until when the employer pays him off (Philip 149). This only applies were the service provider have a valid retention of title…
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This allows individuals to possess the goods on site in case the employer becomes bankrupt. This also denies the insolvent employer or appointed practitioner ownership of goods until when all the payments are completed (Philip 149).
The contractor should prepare an account and submit to the employee in duration of not more than two months. Let us write or edit the essay on your topic "Construction contract" with a personal 20% discount.. Try it now The employee is then required to make the payments within twenty-eight days from the date he/ she receives the statement. The contractor should also submit the same to the bank in case there was a contractual link between the employee and the bank. This allows the bank to pay the contractor on behalf of the employer. On the other hand, a contractor has the right to sue the insolvent employer for the amount due to him after the twenty-eight days. The payment claimed may include the cost of equipments and materials the contractor bought or any expense incurred when removing the materials from the site. The contractor may also seek compensation on any damage caused to him or loss of profit (Philip 108).
The way an employer is entitled to dissolve a contract if the contractor becomes insolvent; similarly, the contractor who finds out that the employer has become bankrupt may have the right to terminate the contract. However, the contractor is required to first notifying the employer or the employer’s representative. The contractors’ continuation with the contract is termed null and void from the moment an employer declared bankrupt. The employer will therefore not liable be for the expenses incurred at this point. In other words, the contract has to be outline even if the service provider dissolves the contract or not. This will help put off contractors responsibilities under the contract to carry out and finish the assignment.
The contractor has an obligation to inform the sub contractor in a situation where he decides to terminate the contract. This could do this in writing indicating the
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