Quote from: twohands!!! on November 26, 2023, 03:58:34 PMQuote from: Throw It Up Ref on November 25, 2023, 10:51:45 AMThey wouldn't have pulled the plug. Legally the Ulster Council wouldn't have been able to proceed with them as the main contractor due to the massive increase in cost. There are strict regulations on procurement where public money is involved to ensure it's spent correctly. They would have signed a contract 10+ years ago at the cost of £70m. As the new cost is now more than 150% that contract can't legally be modified to suit the existing contractor.
Given the Ulster Council are the ones going to be signing the contract, I wonder what assurances/promises they have in place from the other bodies (specifically the UK government) who are providing funds, especially as regards going over budget and/or delays.
Wouldn't imagine there's anything other than general commitment currently as they still have no idea what the projected completion cost will be. They have an updated cost but it's from a contractor that they can't use. Once they have retendered the scheme and have more accurate costs there'll then be a commitment based on the value.
Can't know for certain but Casement will likely use a project bank account arrangement where the funding money is ring fenced in a separate account for draw downs to the supply chain.