Construction Contracts & Price Fluctuation - The Benefits Considered

Introduction

All construction projects involve assessing the risks and allocating them to who is most appropriate to deal with them.

In previous years, prices in the industry were generally stable enough. However, in light of recent global events, for example, COVID, Brexit, soaring energy prices, the construction industry is now facing its most significant cost pressures to date and prices are very unpredictable. This has impacted on project costs, programmes, and overall project viability.

The aim of this webinar is to provide an overview of contracting for price fluctuations and why incorporating these provisions into construction documentation has become so relevant, important, and beneficial specifically to an employer and contractor.

We will examine when fluctuating price contracts are used and focus on how different standard contracts, namely the JCT and NEC, each deal with these provisions.

What You Will Learn

This webinar will cover the following:

• Assessing the risks within construction projects
• The importance of contracting for fluctuations
• Should fluctuation clauses be incorporated?
• When to use fluctuating price contracts
• Types of fluctuation clauses
• Fluctuation provisions in standard form contracts - JCT and NEC
• Delays due to shortage of materials
• Practical steps to take

This webinar was recorded on 15th April 2024

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