Law firm Stephensons Solicitors LLP is launching an innovative insurance-backed solution for the construction sector.
Adjudic-ATE is a new fixed price service for referring parties involved in adjudication and is the first on the market that gives reassurance for a referring party.
The service covers the cost of legal advice, preparation and representation in an adjudication as well as insurance that covers the Adjudicator's fee. The Adjudic-ATE fee is based on the value of the dispute.
It will assist builders, developers, subcontractors, surveyors, architects or any other professionals working within the construction industry, who will, at some point face a dispute. Construction disputes can arise due to many variables, such as quality, cost, delays to build, overspending on budgets, amended design, or even liquidation.
Jonathan Chadwick, managing partner of Commercial Law at Stephensons, said: “Referring a dispute to adjudication is almost certain to happen to any professional involved in the construction sector at some stage of their careers.
“Adjudication provides many benefits such as a quick and intense determination of disputes, with a 28-day turnaround to receive a legally binding decision. It can also be more cost-effective than other routes such as arbitration or litigation. But the costs can be substantial if not controlled, and can leave those involved feeling vulnerable to the uncapped costs they may be liable for.
“The Adjudic-ATE insurance backed product can give added reassurance. If the case is suitable for the service, Stephensons will share the risk with the referring party in the unlikely event of the Adjudicator’s decision going against them. We also have access to technical support from qualified surveyors, architects and quantity surveyors who support the cases we fight on behalf of our clients.”
To learn more about how Adjudic-ATE can assist call today for a no obligation discussion on 01616 966 229.
Stephensons’ Commercial team has a wealth of experience and can assist business owners with all aspects of their business needs. The team offers specialists in commercial disputes, commercial property, debt recovery, employment law, corporate and commercial transactions, landlord and tenant disputes, wealth protection/wills advice and much more.
ENDS
About Stephensons:
- The latest edition of the Legal 500 recommends Stephensons in 12 practice areas.
- The award-winning law firm has 36 partners and almost 400 staff in ten offices across the country including London and Manchester.
- For more information visit www.stephensons.co.uk
Media information: Lianne Tracey
Stephensons Solicitors LLP
Tel: 01616 966 229
Email: Lianne.tracey@stephensons.co.uk