Arbicon ADR Ltd
RICS

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How we resolve old final accounts

Money in construction contracts is often locked up in procedures designed to retain it to the profit of the paying party and with the advent of time it does get forgotten about.

Examples of where money is locked away is where a project is subject to:

  • Retention
  • Remeasurement
  • Delays
  • Defects and Contra Charges
  • Contract Disputes

The payee may give up and write off the money owed or shelve the problem as time is not available to expend on pursuing payment.

There is also a misconception that after a year or two that rights are lost to collect the money…. WRONG! You have SIX YEARS to make a claim and TWELVE YEARS if the contract is completed as a Deed.

Lack of commercial control by not employing a Quantity Surveyor nor adequate Quantity Surveying input will lead to money being unclaimed and locked away. The paying party will know this and will often retain 10-20% or more of the project value profiting by delivering a list of excuses, defects and issues.

"Arbicon will spin straw into gold"

Arbicon will take all your Old Final Accounts, take them out of being written off and resurrect them on a commercial basis. In simple matters a letter from Arbicon is normally enough but if not we will find the most appropriate method of making the offender pay, for example by prosecuting an adjudication if the matter is disputed.

If the account requires measurement and valuation, we can make the appropriate analysis promote a dialogue and obtain a settlement again by persuasion or force.

Likewise, if you are a Client and you consider that you have been led into an overpaid position erroneously, we can rectify that position either by using the provisions of the contract or restitution.

We are experts at picking up completed projects or part complete projects and digging down forensically to get to the bottom of any problem and obtain a solution.

If you have a cupboard full of unsolved cases ask Arbicon to take up the Cold Case files and get the money owed to you.