Fluctuations meaning

On 15 May 2024, the Joint Contracts Tribunal (JCT) released its 2024 versions of the Minor Works Building Contract (MW), the Minor Works Building Contract with contractor’s design (MWD), the Minor Works Sub-Contract with sub-contractor’s design (MWSub/D), the Short Form of Sub-Contract (ShortSub) and the Sub-subcontract (SubSub) 2024. This follows the 17 April 2024 publication of the Design and Build Contract and the Design and Build Sub-Contract Agreement and Conditions, together with the related guides (see News Analysis: The JCT Design and Build Contract 2024—what’s changed?). These forms sit alongside the April releases and guides. The JCT MW and MWD suites are geared for schemes of relatively modest value where the Contractor must perform the construction works, and, for MWD, also undertake a defined element of the design responsibilities. MW covers the works, whilst MWD includes a contractor-designed portion carried out by the Contractor. The JCT MWSub/D is designed for projects where the main contract adopts the JCT MWD form, and sets out obligations concerning designs delivered by the sub-contractor...

Share your insights here What are the key changes introduced into the SBCC 2024 Contracts? The SBCC 2024 Contracts have been updated in line with the parallel Joint Contracts Tribunal (JCT) standard forms used in England and Wales, amounting to ‘kilted versions’ of those JCT documents, with departures introduced to accommodate the distinct legal framework north and south of the border. Overall, the revisions are arranged around three central aims that mirror the approach taken for the corresponding JCT suite and clarify how Scottish practice aligns with, yet differs from, the position in England and Wales: capturing legislative developments since the 2016 editions; future proofing the forms; modernising and streamlining the drafting. Legislative changes For England and Wales, notable amendments to the JCT contracts respond to the Building Safety Act 2022, in particular Part 2A dealing with the regulation of higher-risk buildings. Where that statute has only a limited bearing in Scotland—such as the prescriptive time limits applicable to certain...

Latest JCT 2024 contracts published on 5 March 2025 The latest instalments in the JCT 2024 suite were published on 5 March 2025. They include the 2024 editions of the JCT Construction Management Contract and the Management Building Contract families, together with their guides, alongside 2024 editions of the Framework Agreement and Framework Agreement Guide, Dispute Adjudication Board Documentation, the Adjudication Agreement, and Project Bank Account Documentation. This article sets out the principal changes to the Management Building Contract 2024 (MC 2024) family, compared with its 2016 predecessors and with other forms in the JCT 2024 suite. We focus specifically on the Management Building Contract 2024, and the Management Works Contract Agreement and Conditions 2024. Reference copies of all documents issued by the JCT on 5 March 2025 are available on Lexis+® Construction: see the ‘Forms’ tab under our sub-topic ‘JCT contracts 2024’ (within the main topic, ‘Standard form construction contracts’), and Practice Note: JCT contracts 2024—reference copies. For details of the other contracts released as part...

This Practice Note examines matters concerning interest in the context of foreign currency claims. It addresses seeking interest on claims stated in a foreign currency, issues where the substantive law is a foreign law, and interest on judgment debts expressed in a foreign currency. For guidance on foreign currency claims, see Practice Note: Foreign currency claims. For guidance on foreign currency aspects of costs orders and interest on costs, see Practice Note: Cross-border disputes—costs considerations. For general guidance on: interest, see Practice Notes: Claiming interest and Claiming interest—compound interest judgment debt, see Practice Note: Interest on judgment debts Pleading interest Where a claim is advanced in a foreign currency, interest can be sought by reference to the applicable foreign rate. For the court to apply that foreign rate, it must: be pleaded in the particulars of claim (see Practice Note: Claiming interest—Pleading interest in the claim form and particulars of claim), and be proved by evidence, unless admitted...

Communicating your viewpoint with calm assurance is vital for any legal professional, yet many of us at times feel far from assertive. This Practice Note sets out what may trigger fluctuations in your assertiveness and what you can do to support yourself. What is assertiveness? People often speak about assertiveness without clearly stating what they mean. Collins defines it as ‘the quality of being able to express one’s opinions or desires in a clear and direct manner’. Assertiveness involves trusting yourself and standing up for your own rights while still respecting the rights of others. It is founded on the belief that other people’s needs and rights are just as important as our own. Assertive individuals can express themselves confidently, explain their position and what outcome they want, without slipping into passive, aggressive or manipulative behaviour. Those with strong assertiveness skills show genuine interest in and care for others. They have high self‑esteem and faith in themselves, which they project without overwhelming anyone. Such people communicate their...

What are fluctuations? Fluctuations provisions are terms in construction contracts that permit the contract sum to be varied to reflect shifts in the cost of labour, materials and other expenses over the course of a project. For example, if a contractor prices a tender using rates current at the tender date, and inflation then increases the cost of delivering the works during the job, the contractor must absorb that increase. Where a building contract omits fluctuations provisions, the contractor is treated as having allowed for inflation and accepted the risk of price rises within its pricing. By contrast, in the absence of a fluctuations clause, if market prices fall, the contractor might benefit from those savings. If fluctuations clauses are included, the contractor may be entitled to reimbursement of some or all additional costs caused by rising prices. The uplift can be calculated using an index-based formula, or by reference to a published schedule of market prices for specified items. When would fluctuations provisions be used? Fluctuations...

The Contract comprises the completed Standard Building Contract Without Quantities for use in Scotland 2016 published by the SBCC subject to the following amendments: Recitals and Articles updated: contractor to provide a master programme and Schedule of Information Requirements; CDP responsibility accepted; Principal Contractor duties priced; arbitration deleted; Schedule of Amendments prevails; Third Party Agreements duties. Contract Particulars: arbitration entries removed; Rectification Period set at 12 months; fluctuations and certain PII/guarantee entries deleted. Conditions: key definitions revised (Practical Completion, Copyright Material, Design sub‑contractors, Funder, Site); Scottish jurisdiction; approvals mean principles only; entire agreement; variations in writing. Design/materials/programming: contractor accepts ER/CP; quality and non‑deleterious materials; programme reporting; site risk; drawings/info supply; tighter discrepancy notices. Time/defects: mitigate and advise on delay; narrower Relevant Events; Practical Completion clarified; stronger rectification, consequential damage and indemnity; phased as‑built/occupation information. IP/confidentiality/BIM: broader licence, moral rights waivers and delivery; confidentiality reinforced; BIM where adopted. Management/sub‑contracting: access, approved Site Manager, meetings; prescribed sub‑contracts; collateral warranties/third‑party rights; CDM duties; insurance...

The Contract comprises the completed Standard Building Contract With Approximate Quantities 2016 published by the JCT subject to the following amendments: This Contract adopts JCT SBC/AQ 2016 with extensive modifications to reflect design responsibility, building safety and commercial controls. Recitals: Contractor to provide a master programme and Schedule of Information Requirements; confirms site due diligence and accepts full CDP design liability. Articles: Dutyholder Regulations added; Tender Price covers Principal Contractor duties; arbitration removed; Schedule of Amendments prevails; strict protection of Third Party Agreements. Definitions/governance: new and revised terms (Building Safety Regulator, HRB, Practical Completion, Copyright Material, Design Sub‑contractors, Dutyholder Regulations); several deletions; English court jurisdiction. Design/materials/information: skill‑and‑care design and coordination; only new, compliant, non‑deleterious materials; golden thread storage; monthly programme reporting; site risks at Contractor’s risk. Procedures/controls: tighter instruction, testing, defects and as‑built duties; enhanced confidentiality and IP licences; HRB assistance; CDM/Dutyholder competency confirmations. Sub‑contracting/rights: prescribed sub‑contracts, insurances and delivery of collateral warranties/third‑party rights; limits on assignment. Payment/commercial: 28‑day final...

RECITALS Fifth Recital replaced: the Contractor has issued a master programme and a Schedule of Information Requirements. Twelfth Recital replaced: the Contractor has examined the Site and, where a Contractor’s Design Portion applies, accepts full responsibility for the design satisfying the Employer’s Requirements. ARTICLES Article 9 (Arbitration) deleted. New Article 11 incorporates the initialled Schedule of Amendments; Article 12 obliges compliance with Third Party Agreements and acknowledges resulting liabilities. CONTRACT PARTICULARS Procurement references updated to the Procurement Act 2023; default Rectification Period set to 12 months; various arbitration, fluctuations and CDP PI expiry entries removed. CONDITIONS Key definitions revised or added, including Building Safety Regulator, Practical Completion, Copyright Material, Design Sub‑contractors, Third Party Agreements and HRB terms. Exclusive court jurisdiction stated; third party rights restriction; arbitration references removed. Strengthened CDP obligations, materials standards, programme/reporting, golden thread information storage, higher‑risk building procedures, confidentiality and IP licensing;...