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Parent Company Guarantees
The current global financial crisis has increased the risk of insolvency for many businesses. In this economy, parties to construction contracts need to adopt appropriate safeguards to minimise the loss resulting from the insolvency of their contract counterparties.
There are a number of well-recognised means of protecting a client's commercial position. This article focuses on parent company guarantees ("PCGs") (performance bonds and retentions are dealt with elsewhere).
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