The risks of adopting informal contracts
By STUART JORDAN
What proportion of construction projects in the Middle East are carried out under informal contracts, which would include verbal and partially written contracts, preliminary statements such as a memorandum of understanding (MoU), heads of terms (HoT) or some sort of letter of award (LoA)?
While I don’t have figures for this but from my experience it is a lot – maybe half. More worrying, my main experience of this comes from dealing with disputes. …
