Senior partner of Zhong Lun Law Firm Zhu Maoyuan has conducted a four-hour training on measures to manage risks for large construction projects in the tough economic climate in South China’s boom city of Shenzhen, on March 17, 2009.
At the training, Zhu, also a senior arbitrator, mainly addressed concerns of developers, contractors and regulators in the Chinese construction industry, such as problems in bidding, the efficacy of the “black/white contracts”, and the compensation of contractors under fixed-price contracts in case of price fluctuations, and the protection of priority in construction payment.
Based on past experiences of Zhong Lun, Zhu also provided viable solutions to some issues, particularly those arising from large construction projects.
The training was jointly sponsored by the Legal Affairs Division of the Shenzhen government and the South China Sub-Commission of the China International Economics and Trade Arbitration Commission (CIETAC) and organized by the Shenzhen Construction Industry Association. About 200 participants from government agencies, developers, contractors and insurance companies attended the training.
Last November, China announced a stimulus package estimated at RMB4 trillion (about US$570 billion) over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and reconstruction.
Zhong Lun is home to China's premier real estate law practice and a key contributor to the development of China's real estate industry. More than 20 partners and 100 associates have advised clients on hundreds of real estate projects for the past 15 years. Zhong Lun's services in the real estate sector range from office constructions, hotels, residential apartments and villas to urban reconstruction and redevelopment.