NEC4: Defined Cost and Compensation Events explains how to manage compensation events, and the wider role that Defined Cost has within the NEC contract. The book shows how effective management of compensation events is central to the success of each contract, and the important role of Defined Cost both in compensation events and also routine payment assessments.
Focusing primarily on Defined Cost in the NEC4 Engineering and Construction Contract (ECC), the book provides stand-alone guidance for each of the six main options of the ECC, and also includes coverage of the Alliance Contract, DBO Contract, Professional Service Contracts, and the Term Service and Facilities Management Contracts. The assessment of time in compensation events, as it impacts upon the financial assessment is explained.
NEC4: Defined Cost and Compensation Events is an ideal companion for all those working in construction contracts, from the initial preparation of the contract, to the procurement, award, execution and management of disputes. It is essential reading for engineers, project managers, quantity surveyors, architects, lawyers and claims consultants.