Having a Party Wall Award, which is commonly known as a Party Wall Agreement, has several benefits that supersede the benefits of having a Schedule of Condition report. Benefits that are associated with having a Party Wall Award include the following:

Legal Protection

A Party Wall Award is merely an order by the court which defines the rights and obligations of both the building owner and the adjoining owner. Both parties are assured of compliance with the requirements of the Party Wall etc. Act, avoiding disputes or conflicts in future.

Clear Rights and Responsibilities

It clearly describes the rights and responsibilities of parties involved in the construction project. The Award defines works that should be notified, access rights, working hours, and other relevant information. Reducing scope for scope misunderstandings and preventing eventual conflicts.

Dispute Resolution Mechanism

The Party Wall Award gives a framework to resolve disputes that may arise during or following the course of construction. It outlines the procedure followed in dispute resolution, appoints an independent surveyor or surveyors, and specifies how the problems would be addressed, including the process for appeals if necessary.

Protection of the property of the adjoining owner

Through the Party Wall Award, adequate measures will be taken to ensure the protection of adjoining owner’s property during construction. It can make provisions necessary for precautionary measures like putting additional supports, monitoring of potential damages, and rectification of damages caused by the works.

Financial Compensation

If the notifiable works cause damage to the adjoining owner’s property, the Party Wall Award may provide for financial compensation to be offered by or a sum that the building owner must pay to cover necessary repairs to the adjoining owner’s property.

Preservation of Evidence

Evidence is hence preserved as the Schedule of Condition report will form part of the legal agreement under a Party Wall Award, thereby securing its admissibility as well in case any disputes arise in the future.

Summary

A Party Wall Award offers protection of rights and liabilities through legal means; it also ensures a ‘mechanism for the resolution of disputes‘. Protects the property of the adjoining owner, allows financial compensation, and preserves evidence. These benefits serve both parties involved in the construction project and simultaneously minimize the risks of conflicts or disputes.