Tag: Contract Administration
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Understanding Instructions and Compensation Events under NEC Contracts
The NEC (New Engineering Contract) suite of contracts has gained prominence for its collaborative and flexible approach. Among the critical aspects of these contracts are the procedures surrounding Instructions and Compensation Events. Proper management of these elements is vital for the success of a project, ensuring clarity, reducing disputes, and maintaining the contract’s integrity. This…
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The Role of the Service Manager under NEC4 PSC Contracts
In the world of project management and contract administration, the NEC suite of contracts is renowned for its structured and prescriptive nature. The Service Manager plays a pivotal role in ensuring that the processes and provisions laid out in the NEC4 Professional Services Contract (PSC) are followed rigorously. Understanding the responsibilities and powers of the…
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What is Contract Administration? A Beginner’s Guide
In any business or construction project, contracts play a vital role in establishing agreements and ensuring that all parties involved fulfill their obligations. However, the management and enforcement of these contracts require a specialized process known as contract administration. In this beginner’s guide, we will explore the fundamentals of contract administration, its importance, key responsibilities,…