The construction industry is one of the economic sectors with the highest level of risk due to large-scale investments, long-term projects, and a high number of participants. Risks arise in various forms, such as payment risks, non-performance, delays in execution, construction defects, and insolvency of contracting parties. The parties to legal transactions, particularly clients or investors and contractors, therefore resort to various legal instruments to safeguard their interests and mitigate the risks in construction projects.
The Slovenian legal framework offers several instruments for securing risks in the construction industry, ranging from personal (suretyship, accession to debt), real (mortgage, lien), contractual (contractual penalties, default interest), to banking (bank guarantees, documentary letters of credit) and insurance mechanisms. Particular emphasis is placed on the bank guarantee, which is the most commonly used and legally most effective means of security in the construction industry.
The master's thesis confirms the research hypothesis that this particular instrument represents the most appropriate and effective way of securing risks, as it provides a high level of creditor protection through straightforward enforceability. In many cases, it is advisable to combine a bank guarantee with other forms of security, and in certain situations, it can also be replaced by a non-bank guarantee or an on-demand surety.
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