NEC- Assessing a compensation event
A practical workshop
One of the main objectives of the NEC 3 contract is to achieve cost and time predictability on construction projects. The compensation event provision aims to achieve this objective by encouraging the parties to agree and implement the effects of notified compensation events within strict timescales to avoid retrospective claims.
This presentation provides a practical demonstration of how to assess a compensation event under NEC 3 from notification to implementation. The presentation will deal with typical problems that practitioners of NEC 3 will often encounter and will demonstrate how the assessment of a compensation event should be agreed by collaboration in the spirit of mutual trust and co-operation.
The presentation will cover the following issues when assessing a compensation event:
Early warning notices and risk reduction meetings.
How notices for compensation events may be drafted and submitted.
Dealing with the uncertain effects of a compensation event to enable a quotation to be submitted as a forecast.
How to calculate and show time and cost risk allowances.
Ownership of time related risk and float in the Accepted Programme when assessing delay.
Assessing the adjustment to the Key Dates and the Completion Date.
Showing changes to the Accepted Programme in a quotation when the last Accepted Programme is outdated.
Using rates and prices in a Bill of Quantities or Activity Schedule.
How to assess and present subcontractor costs
The definition of the Working Area
Interpretation of the Schedule of Cost Components when assessing Defined Cost, such as:-
o contractor’s staff working in a regional or head office
o agency labour
o items covered by the people or working area overhead
o What is included in a CECA rate in respect of Equipment
Applying the subcontracted and direct fee percentages.
Claiming the cost of designers based outside the Working Area.
Booking required, for further details email email@example.com or telephone 01928 756500 or download booking form
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