10 years after the publication of Revision 6 (2014 edition) of the Model Form of Contract for the design, supply and installation of electrical, electronic and mechanical plant (MF/1), the Institution of Engineering and Technology (IET) has released Revision 7 (2024 edition), shortly followed by an erratum containing a summary of corrections.
Regular users of the MF/1 may be comforted to know that the risk profile of the contract has not changed though the door has been opened to extending the duration of liability for latent defects, as discussed below.
Environment, social, and governance (ESG) are factors directors, investors, industries, and governments increasingly focus on when making commercial decisions. This is particularly so given increasing public awareness of such issues following recurrent environmental disasters and international summits such as COP26. Tim Symes and Ryan Hooton review the current regulatory environment in the UK, how it might bite on a company’s insolvency and when directors may find themselves personally liable for their actions.
UK REIT Horizon Scanner Q4 2021
UK REIT Horizon Scanner Q4 2021
Key Issues
Key issues coming up for UK Main Market REITs in corporate, financial regulatory, planning, real estate, securities law and regulation and tax1 in England (including retained EU law2).
Issue/status/timing: New developments since our March 2021 edition are shown in green text. Impact: urgency/impact rating for REITs admitted to London Stock Exchange Main Market (including the Specialist Fund Segment3)
Included in this update: Government extends temporary COVID-19 measures in CIGA 2020 and more...
COVID-19
CIGA 2020 extensions in force
The global economy is growing at about 3% a year. This is roughly equal to the average growth rate for the last 50 years. However, growth predictions are ticking slightly downwards, mainly due to concerns around trade. And there are still high levels of government and corporate debt arising from the financial crisis and subsequent period of low interest rates. Nowhere is this better illustrated than China, which is forecast to overtake the US as the world's largest economy as early as this year, on some measures.
The global economy is growing at about 3% a year. This is roughly equal to the average growth rate for the last 50 years. However, growth predictions are ticking slightly downwards, mainly due to concerns around trade. And there are still high levels of government and corporate debt arising from the financial crisis and subsequent period of low interest rates. Nowhere is this better illustrated than China, which is forecast to overtake the US as the world's largest economy as early as this year, on some measures.