Insights & Articles

Providing a guarantee for someone else’s financial commitments can expose you to serious legal and financial risks. Before agreeing, ensure you understand the potential consequences - especially if you won’t directly benefit or lack full visibility and control over the obligation.

When entering relationships with new suppliers, it’s essential to carefully review the terms of trade, especially if they include a General Security Agreement (GSA). While a GSA can offer credit benefits, it also carries significant risks, potentially leading to receivership if payment issues arise. Understanding these terms is crucial to protecting your business.

In the intricate landscape of estate planning and the execution of wills, the selection of legally appointed executors and trustees is critical. We explore an example case, which is a real eye-opener on the wild ride of wills, family dynamics, and the not-so-simple task of divvying up the goods.

This article discusses the importance of property owners in New Zealand reviewing their insurance coverage, especially in the aftermath of widespread damage caused by weather events in 2023. The focus of this article is on the often-overlooked aspects of insurance related to land and potential complications arising from natural hazards.

Succession, once a straightforward process, is now akin to navigating a minefield. With children seeking to cash in on their beneficial interests or shareholdings to fuel their own ventures, the need for careful consideration and expert advice has never been greater.

The significance of insurance in the context of purchasing a home cannot be overstated. It is not only a critical component but also a mandatory one when seeking financial assistance from lenders for a home purchase. Lenders need proof of adequate and appropriate insurance coverage before approving a loan drawdown.

This article serves to inform the procedural and legal methods and issues related to debt recovery.

The Principal, the Contractor and the Engineer had to navigate through the general and specific conditions of their NZS3910:2013 contracts in regards to variations, extensions of time and payment claims for the Covid-19 lockdown period.

When you are selling a property it is common to list the 'Chattels' which you are to be selling with the building. Chattels are items which are able to be removed from a property without too much effort, and which were never intended to permanently form part of the structure. Common examples are an oven, paintings or a fridge. Occasionally they can be large eg a spa pool or garden shed. If it can fit on a truck, it may well be a chattel.

Many in the construction industry will be feeling frustrated at the latest lockdown slowing down projects and progress. Fortunately, not everything has to be put on pause. The Construction Contracts Act 2002 ("CCA") provides ways to recover money during lockdown.

The Government is once again looking to impose further statutory controls over how contractors are to handle and protect retention moneys owed to its sub-contractors - this time with civil monetary penalties facing the construction companies and their directors for non-compliance.

Parties to construction contracts, especially those contractors (and subcontractors) who are engaged to carry out particular contract works by an agreed due date for completion, may be exposed to penalties or "liquidated damages" if unable to carry on or complete those works during the Covid-19 Alert Level 4 lockdown.

At a press release on 24 March 2020 at 1.00 pm a spokesperson for the Ministry of Business, Innovation and Employment (MBIE) said: "If you are in doubt whether you are an essential service, you're probably not".

The Construction Contracts Amendment Act 2015 is implementing a number of updates to the Construction Contracts Act 2002 ("the CCA"). The amendments are coming into force progressively between 1 December 2015 and 31 March 2017.

Purchasers of commercial property should undertake an exhaustive review of each potential purchase before declaring an agreement unconditional. This review should be undertaken in consultation with your lawyer, accountant, property manager, building inspector, lender, and otherwise as appropriate.