Finance

Point(s): 25.00 "statutory adjudication is a quick and summary mechanism for resolving disputes in construction contracts, usually relating to payments. It has been regarded as providing for interim or provisional decisions, although this is strictly incorrect given that if there are no challenges to the decisions taken, they will achieve finality. Decisions of adjudicators are immediately binding pending the final resolution of the same payment disputes by arbitration, litigation or agreement between the parties." Critically analyse the statement above and to what extent the said statutory adjudication is able to assist cash flow in the construction industry