The Royal Institution of Chartered Surveyors (RICS) has issued guidance to assist its members and people involved in damages when facing missed project deadlines.
The report, called Damages for Delays to Completion, deals with situations when there has been no clause in contracts relating to delays and when assessments are needed to ascertain the overall impact of it.
Often, potential compensations are predetermined in agreements, RICS noted, although independent arbitration is still often a necessity in this situation.
The recommendations highlight how to determine the amount of money required when this happens, as well as potential legal repercussions.
“Assessing the level of damages can sometimes be problematic and through publishing this new guidance, we are aiming to make the process as straight forward and transparent as possible,” RICS director Alan Muse said.
This is a particularly important issue for everyone involved in this sector, he added.
RICS is the leading international body relating to standards and qualifications in construction, land and property.