The Coronavirus is not just a public health emergency, it is also having a serious impact on the global economy, the Australian economy and the Australian construction industry where materials accounting for as much as 20% of total project costs are sourced from China.
Delays for builders, head contractors and subcontractors can be very costly. Increased costs can be incurred as a result of
• liquidated damages being applied as a result of delays;
• acceleration of the works to make up for lost time;
• and sourcing alternative materials (at a higher price) to keep up with the project programme.
Lynch Meyer Lawyers have provided information on the impact for the construction industry, and advice on ways you can minimise the impact on your business.
Please click here to read the full article from Lynch Meyer.