A major motorway construction project delivered by a joint venture team has been named as the winner of a prestigious award.
The M62 Junctions 25 to 30 smart motorway project, delivered by the BAM Nuttall and Morgan Sindall joint venture bmJV, took the Major Project of the Year title at the 2014 Chartered Institution of Highways and Transportation Awards on 23 June.
Smart motorways use a range of new technology to vary speed limits in response to driving conditions and are able to make the hard shoulder available to traffic, either permanently or at particularly busy times of the day.
The M62 project was delivered two months ahead of schedule and under budget, including £17 million in cost savings achieved through its efficient approach to construction.
Roger Wantling, service delivery team leader at the Highways Agency, said: “The joint venture will rightly be proud of what it has achieved, as should the Highways Agency. I have personally seen excellent work in practice, including taking a lead in fostering the collaborative approach that is required to deliver schemes such as these.”
The bmJV joint venture has already successfully delivered other smart motorway schemes, including M1 junctions 39 to 42. It is also working on a £24 million contract to widen a 2.8 mile section of the A14 Kettering Bypass in Northamptonshire and a technology improvement scheme on junctions 30 to 32 of the M62.
The success of bmJV highlights the potential benefits of a joint venture structure, which can also provide a useful business model for much more modest construction projects or as an opportunity to way to access tender opportunities for larger contracts.
Palmers can provide expert, commercially minded legal advice on all aspects of putting in place joint venture agreements, whether for a single project or on an ongoing basis, to underpin the way that parties work together and help them gain maximum benefit from sharing expertise and risk. For more information, please contact BJ Chong.