THE FUTURE OF CONSTRUCTION CONTRACTS

We are on a mission to ensure construction projects run on time, on budget with no disputes. When differences arise, we resolve them quickly and efficiently.

WELCOME TO CONSTRUCTION CONTRACTS 3.0

The old way isn't working.

Globally, the average length of a contract dispute is over one year.

We have created a platform for developers, contractors, and financiers of construction projects, who want to use better contracts for improved performance, governance, and change management.

For those who want to achieve better results by evolving their contracts in real time.

Welcome to the new way of contracting.

The problem. You can never 100% fix a project's time and cost from the start. Changes to scope will happen and some risks will materialise. This is where typical contracts fail.

DISPUTES CAN LAST MONTHS

They distract you from doing real work. They cost you time and money. Your client and supply chain relationships suffer.

The average dispute in months:*

11

UK

15

Middle East

14

Globally

*Source: Arcadis, Global Construction Disputes Reports. Values above represent the average of ten years stats 2011-2020.

FINANCIAL LOSSES ARE IN THE BILLIONS

Contract disputes harm the construction process, in turn causing financial losses. It is estimated on average, 6% of the contract price of each construction project.*

Losses from projects add up to billions from national budgets. Our 3.0 contracts will fix that, resulting in substantial cost savings.

The savings achievable per year by adopting our platform include:

SAR18BN

In Saudi Arabian PIF projects alone.

£7.6BN

In the UK construction industry.

AED 9.6BN

In the UAE's construction industry.

* Source: CRC Construction Innovation, Guide to Leading Practice for Dispute Avoidance and Resolution report.

THE FIRST OF ITS KIND. REAL TIME. DIGITISED CONTRACTS

Introducing PEACE Contracts.

An application designed to form an integral part of construction contract.

An evolution for change and contingency. It supplements the contract documents with specialised processes that are necessary for efficient change management, performance, and governance. 

What does that mean for you?

1. High Visibility on potential changes to the contract price and period.

2. Effective Prevention of differences between parties relating to time and cost. 

3. Efficient Resolution of differences in a timely manner.

BUILT ON BLOCKCHAIN

Why blockchain?

It’s a decentralised technology which is essential for impartiality, transparency, openness, and proper governance. It is also necessary for cyber security and immutability of contractual records.

Instead of each party having its own view of what the contract entails, there will be a common, decentralised version of the contract, that will remain alive until project completion.

Interested in hearing more?

Get in touch.

CONTACT

© Rimmer Group 2022