Fenwick Elliott

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Claire King
Claire King

Fenwick Elliott

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JCT Target Cost Contract 2024: structure, Allowable Cost, Contract Fee, Adjusted Target Cost, pain/gain sharing, key schedules, drafting and amendment tips, administrative pitfalls, and comparison with NEC4 Option C
PRACTICE NOTES
JCT Target Cost Contract 2024: structure, Allowable Cost, Contract Fee, Adjusted Target Cost, pain/gain sharing, key schedules, drafting and amendment tips, administrative pitfalls, and comparison with NEC4 Option C
Introduction JCT issued the Target Cost Contract 2024 (TCC 2024) in June 2025. It arrived as the last agreement in the JCT 2024 suite of contracts. Within the JCT suite, it skipped the usual 2016 refresh. It also marked JCT’s inaugural target cost form, so there was no 2016 predecessor from which it evolved, unlike the majority of the 2024 contracts. This Practice Note examines the TCC 2024’s structure and language, and its defined terms and concepts, on a stand-alone basis, while providing practical tips and insight into how to use it in practice. Where appropriate, it identifies similarities and points of divergence when set against the other JCT 2024 contracts. Although new within the JCT stable, the structure and terminology, together with the familiar defined expressions and concepts, will be readily recognisable to readers who know the 2024 suite and the earlier suites. In
Construction
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