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Law firms and their clients often encounter two distinct financial arrangements: escrow accounts and Third-Party Managed Accounts (TPMAs).

With the recent news that ISG has entered administration, the spotlight has returned once more to the challenges and risks facing contractors and sub-contractors in the UK’s construction sector.

Robert Fenwick Elliott is credited with coining the phrase ‘pay now, argue later’ in the context of construction operations as he advised Lord Howie in early 1996 on how the statutory adjudication process (which came to exist in the Construction Act 1996) should work.