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Changes in Material Prices and What to Do About Them

2nd February

Zoom Webinar

1pm

€220

Event Host

Cara Roughan
Senior Associate

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Join Quigg Golden on 02 February 2022, where we will be discussing the major challenges the construction and infrastructure industry are facing in relation to price increases, material shortages and the cost impacts and delays arising from crucial issues such as Brexit, the global pandemic, the Suez Canal blockage and more. There are fears some businesses will not survive these challenging times, with cashflow and payment issues, unpaid variations, claims and disputes, forcing some companies to ultimately end up in receivership or liquidation.  These challenges are resulting in difficult decisions being made by contractors, subcontractors and employers alike. 

At Quigg Golden we have seen a dramatic increase in organisations, small and large, coming to us in relation to the upward trend of claims due to material and price escalation and seeking to ascertain its options in relation to suspension, termination and how to interpret contractual provisions and initiate disputes related to increased (and unforeseeable) costs on projects.  The first step is to make sure contracts strike the right balance with risk allocation and risk sharing for events beyond parties’ control.  

Notwithstanding the challenges, it is not all doom and gloom; out of adversity comes opportunity!   

The Irish Government recently released a number of plans to bolster the economy which will no doubt keep the construction industry busy, with initiatives to tackle shortfalls in the housing market, targets to achieve sustainability development goals and an initiative to meet renewable energy targets and comply with the Paris Agreement.  In addition, the government released a guidance note on public tenders with respect to material price inflation on November 24 2021, aimed at Contracting Authorities whose public works tenders have been impacted by the recent price inflation for certain construction materials.  Therefore, it is more important than ever for those involved in the construction industry; consultants, contractors, subcontractors, to increase commercial awareness to minimise the impact of material cost increases.   

Quigg Golden understand the importance of being agile in these challenging times and putting the right risk management strategies in place by making sure businesses are armed with the right tools for tendering and procurement, contract drafting, navigating the fluctuating market forces, and having effective dispute resolution procedures in place.  

Along with discussion, we will also work through practical examples and provide step by step guidance as to how the most widely used contracts operate (FIDIC, Public Works Contracts and NEC), whilst providing participants with pragmatic tools and the right know-how to navigate these turbulent times.   

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