The third wave of COVID-19 crisis has had a significant impact on various sectors and the construction industry was no exception. Since the construction industry contributes a substantial amount to the country’s economy and many other allied industries rely on its demand, any setback in the industry might be detrimental to the country’s progress. As one of the leading project risk management companies, we share useful flights on how the construction industry was affected after the third wave of COVID-19 and what steps can be taken to mitigate associated risks:
To sail through the difficult times brought by the pandemic, contractors must take some essential preventative measures. Here we share with you some essential preventive measures that can be taken to evaluate the losses and get adequately compensated for such uncontrollable occurrences:
According to the COVID-19 Guidance Memorandum to Users, published by FIDIC in April 2020, the contractor is entitled to EOT (extension of time) under the Force Majeure Clause, but must rely on other sections of the contract or the law for financial compensation.
According to the law, government orders, notifications, and guidelines are to be regarded as modifications in legislation and change in the law. As such a contractor may bring out his claims for the cost and losses incurred due to the outbreak of COVID-19 as the cost incurred due to change in legislation and law, which can be a more prominent and sustainable approach towards such claims.
To receive any financial benefit, contractors must keep all relevant data with justifiable financial implications in compliance with the contract. To monitor the impact of restrictions, contractors have to keep a close view on day-to-day activity and record the change events by close monitoring. It is here a contract management and risk management company like Contract Square Pvt Ltd can help.
In a nutshell, we take care of all the paperwork, fill the gap between delays and claims, so that you can concentrate fully on the execution of the project. To know how we can help your construction company, call us at 9051739355 to explore more about our expert services.