Before the project begins, the carefully selected stakeholders sign a legally binding contract with the Client (i.e. the Project or Building Owner). This contract commits stakeholders to the execution and completion of assigned tasks - in compliance with state-of-the-art procedures and within project schedule.

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To ensure stakeholders’ full investment in the project, a variable pay percentage is contractually defined with them: 

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• If the work executed complies with tender specifications and deadlines are respected, stakeholders will be paid their attributable financial share of the contract in full.

• If the work does comply with tender specifications and deadlines are not respected, stakeholders will be obliged to pay contractual penalties to the individual (or individuals) to whom prejudice has been caused, i.e. to the Client.

 

The contract clearly defines the penalties that will be required of the defaulting party if they do not fulfill their commitments.

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Penalties are calculated using a percentage, itself based upon the value of the works contract originally attributable to the defaulting party.

 

In order to determine precisely which party or parties have not respected their commitments and thereby apply any necessary penalties, we use a methodology specifically adapted to real estate