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Collateral warranties and third party rights explained

Author

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  • Kirby, Kate

Abstract

Employers on construction projects commonly need to consider the rights of other interested parties, such as a future purchaser (if they are going to sell the property), a future tenant (if the property will be let when completed) or if they require funding from a bank/financial institution to complete the project. This paper explains the two most common methods of ensuring that these parties also have rights (if needed) to bring claims against the parties involved in the construction project, and the key practical differences between using collateral warranties or granting third party rights and their advantages and disadvantages.

Suggested Citation

  • Kirby, Kate, 2017. "Collateral warranties and third party rights explained," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 6(3), pages 229-233, December.
    • Handle: RePEc:aza:jbsav0:y:2017:v:6:i:3:p:229-233
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    More about this item

    Keywords

    collateral warranties; third party rights; obligations to tenants/ funders/purchasers in a building project; construction legal documentation; JCT; NEC; consultant appointments;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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