When it comes to limiting exposure to the inherent risks of construction projects, parties, both Employer and Contractor, utilize time-tested tools such as liquidated damages, guarantees, and bonds.
Construction bonds and guarantees were introduced as an instrument to protect or indemnify a party against risks and problems associated with construction projects but the challenge over the years lies in the practical enforcement of bonding conditions and its overall benefits to the construction industry. Similarly, liquidated damages are a commonly used contract clause used to limit exposure of liabilities but there has been conflicting application and interpretation of these clauses in different jurisdictions causing uncertainty.
Korean construction companies are a key player in the international construction projects in various sectors ranging from power plants, heavy industry, green energy projects, and more. Their reach is global in nature and as a result have been faced with construction disputes in various jurisdictions.
In this webinar, practitioners from key jurisdictions in which Korean companies face these challenges will explain the local laws and its applicability in construction disputes.
16:30 (KST): Webinar starts
17:40 (KST): Q&A
18:00 (KST): Webinar ends