Priced activity schedule meaning

Payments and price under the NEC Engineering and Construction Contract (ECC) This Practice Note examines how payments are made and how the contract sum is worked out under the NEC Engineering and Construction Contract (ECC). It sets out how each principal pricing option operates, how the price for the works is determined and how the risk of rising costs is allocated between the parties. For broader information on payment in construction contracts, see Practice Notes: Interim payments in construction contracts, Interim payments in construction contracts and The final account in construction and engineering contracts. This Practice Note addresses both NEC3 and NEC4 editions of the ECC. For consistency, the term ‘Client’ is used throughout this Practice Note, as that is the expression adopted for the developer/employer in NEC4 contracts (the NEC3 ECC uses the term ‘Employer’). The term ‘Scope’ is also used throughout this Practice Note, in line with the NEC4 ECC, to denote the document that specifies and describes the works the Contractor is to undertake (under the...

Practice Note This Practice Note provides a primer on the NEC suites of contracts—NEC3 and NEC4—and highlights the points to weigh up when choosing between them. It outlines the six NEC3/NEC4 Main Options available to the parties when using the NEC Engineering and Construction Contract (ECC). Note that NEC4 adopts the term ‘Client’ rather than ‘Employer’ (the designation used in NEC3); for ease of reading, where both versions are discussed, ‘Client’ should be understood to include the NEC3 Employer. For an explanation of NEC terminology, see Practice Note: NEC contracts—glossary...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Parent company guarantee (PCG) A PCG is an agreement between a parent company and a beneficiary under which the parent promises the subsidiary’s performance owed to that beneficiary beneath a separate contract between them (for example, a building contract). If the subsidiary fails to fulfil its obligations to the beneficiary, the parent company can be obliged either to perform those obligations itself or to repay the beneficiary for losses arising from the subsidiary’s failure to perform. See subtopic: Parent company guarantees in construction projects. Partial possession Partial possession arises when the employer takes control of one or more parts of the works before the whole project reaches practical completion; for instance, letting a completed storey to a tenant while work continues on the remaining floors. In that situation, practical completion is treated as achieved for the relevant part. See Practice...