Category: Uncategorized
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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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Liquidated Damages in Construction Contracts
When reading construction contracts, one often encounters a term that holds significant weight: Liquidated Damages (LADs). For a quantity surveyor, comprehending these clauses is paramount. This article aims to explain Liquidated Damages, their purpose, implications, and the role they play in construction projects. What Are Liquidated Damages? Liquidated Damages are predetermined penalties or charges stipulated…