NEC Compensation Events Masterclass
Location: Riddel Hall, Stranmillis Road, Belfast
Date: 17 October 2018
Compensation events are NEC3 terminology for variations, loss and expense and extensions of time; a single assessment that deals with the entire effect of an event on time and money. Whilst the name suggests this always results in something more for the Contractor (a compensation), this is not always the case, as the saying goes, ‘Prices can go down as well as up’.
Compensation events, unsurprisingly, are the area which give both parties the most aggravation in terms of agreeing whether an event is or is not a compensation event and in terms of assessing the effect of them on the contract prices and contractual completion date.
To meet this need the RSUA has scheduled a half-day workshop with Dr Jon Broome, one of the UK’s leading NEC tutors. All of Jon’s previous RSUA workshops have been rated as ‘excellent’ by members.
This course will cover:
– A quick overview of the change management process and how the accepted programme and early warning procedures feed-in and affect the assessment of compensation events.
– Definitions of compensation events: core clauses, main and secondary options. Exercise
– Process and time scales for notification, submission, assessment and acceptance
– Assessment: Basis for assessment. Cost and time risk allowances. Forecasts and assumptions. Reduced prices. Reasons for reducing the assessment. Excluded costs. Guided Exercise.
– The schedules of cost components: When to use the ‘normal’ and shorter schedule of cost components. Understanding the ‘normal’ schedule. Exercises. Understanding the shorter schedule. Exercise.
– If time: a methodology for the rapid assessment of compensation events
Please note that this is an advanced course for those with some knowledge and experience of managing and administering NEC contracts. While it will focus on NEC4, it will be applicable to those still administering NEC3 contracts.
When: 2pm – 5.30pm on Wednesday 17th October 2018
Where: Riddel Hall, Stranmillis Road, Belfast
Cost: PSS Members £120 (inclusive of £20 VAT)
RSUA Members £144 (inclusive of £24 VAT)
Non-members £159.60 (inclusive of £26.60 VAT)
Please note that places are limited to 20 so early booking is advised. Please contact Julia or Jeanette on 028 9032 3760 for more information or to book your place.