Discussion:
Step-in rights, not undergarments
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Adam Funk
2019-11-07 15:16:07 UTC
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I was reminded of previous discussions here during some recent
meanings where I was learning about the legal term "step-in rights" in
construction-related contracts. This has nothing to do with
underwear, nor can they be alternatively called "pull-off rights".
(TBH, I'm assuming that last bit; I didn't actually ask the lawyers
about it.)

Various contracts related to a construction project have these
provisions so that if the principal Contractor goes bust or fails to
perform, the Funder (e.g., a bank) can step in to take over that rôle
& compel the other parties (consultants, sub-contactors) to continue
to carry out their contractual responsibilities (the Funder also has
to keep paying them the same way the Contractor would). This way the
Funder still ends up with a completed building to sell, rather than a
site with an unfinished one.
--
They do (play, that is), and nobody gets killed, but Metallic K.O. is
the only rock album I know where you can actually hear hurled beer
bottles breaking against guitar strings. ---Lester Bangs
Jerry Friedman
2019-11-08 05:31:19 UTC
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Post by Adam Funk
I was reminded of previous discussions here during some recent
meanings where I was learning about the legal term "step-in rights" in
construction-related contracts. This has nothing to do with
underwear, nor can they be alternatively called "pull-off rights".
(TBH, I'm assuming that last bit; I didn't actually ask the lawyers
about it.)
Various contracts related to a construction project have these
provisions so that if the principal Contractor goes bust or fails to
perform, the Funder (e.g., a bank) can step in to take over that rôle
& compel the other parties (consultants, sub-contactors) to continue
to carry out their contractual responsibilities (the Funder also has
to keep paying them the same way the Contractor would). This way the
Funder still ends up with a completed building to sell, rather than a
site with an unfinished one.
Learn something every day.
--
Jerry Friedman
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