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LETS GET DOWN TO BUSINESS.

Question :
We carried out construction work for someone under a contract that is based on an estimate. We are genuinely owed more than 600,000 which we have paid ourselves and the owner approved the variations but now refuses to pay. He tried to claim costs in fatal damages during suspension which are not fatal. Our biggest issue is we have spent more than 70k in legal fees defending ourselves whilst still operating to stay solvent and afloat. Is there someone or somewhere we can get a loan to afford the adjudication fees? And legal fees (expected 30k more) Is there anything in way of finance for legal or finance to boost our companies to allow us to get 10k left from this site under control? 

Question submitted 23/11/20 @ 02:59pm
Industry: Funding & Finance
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    Hi there – clearly the experts are feeling challenged by the question, and I am really sorry for this situation. Getting finance for legal disputes typically has to be from your existing bank or financial partner – and they will typically only lend if (1) there is an existing facility in place (2) there are good prospects with the business operating that they very comfortable lending against (3) you are prepared to off security on your private home or another asset – and the only other option is Legal Funding for disputes where they will pay the bills and then split the win, but in your situation this is less likely, I think they don’t like building disputes given the risk.

    It is too big for small claims right? Presume you have a dispute resolution in your contract?

    This does not really help sorry – what does ‘fatal damages’ mean – can you explain that?

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