Article 4 Finance agreementsI1

Northern Ireland

(1)

A construction contract is excluded from the operation of the 1997 Order if it is a finance agreement.

(2)

For the purposes of paragraph (1), a contract is a finance agreement if it is any one of the following—

(a)

any contract of insurance;

(b)

any contract under which the principal obligations include the formation or dissolution of a company, unincorporated association or partnership;

(c)

any contract under which the principal obligations include the creation or transfer of securities or any right of interest in securities;

(d)

any contract under which the principal obligations include the lending of money;

(e)

any contract under which the principal obligations include an undertaking by a person to be responsible as surety for the debt or default of another person, including a fidelity bond, advance payment bond, retention bond or performance bond.

Annotations

Commencement

I1: Art. 4 in operation at 1.6.1999, see art. 1(1)