An Overview of Payment and Valuation under NEC4 ECS
An Overview of Payment and Valuation under NEC4 ECS
Couldn't load pickup availability
Payment timescales and assessments are dealt with in clause 5 of the NEC4 ECS form. However, due to the nature of the NEC4 forms being:
- International in nature; and
- Able to convert into various types of payment (lump sum, target cost, reimbursable);
Not all of the payment clauses are kept together. Therefore, when considering the payment regime, it is necessary to consider:
- Core clause 5
- The main option chosen (A through E)
- If in the UK, clause Y(UK)2
- If there is a project bank account, clause Y(UK)1
This can make reading the payment provisions complicated and amending them even worse.
In this course, we will look at three parts of this puzzle, being core clause 5 and clauses Y(UK)1 and Y(UK)2.
Accreditations & CPD
Accreditations & CPD
This course provides structured Continuing Professional Development (CPD). Recognition of CPD is subject to individual professional body requirements and the learner’s role. This course is not formally accredited unless explicitly stated.
Suitable for CPD requirements of RICS, CIOB, ICE, APM, and PMI members.
Learning Outcomes
Learning Outcomes
After completing this course, you should:
• Understand the basic payment clauses
• Be able to explain how this is changed by optional clause Y(UK)2
• Know where the pitfalls with this option are
• Understand the basics of using a Project Bank Account
About the Author
About the Author
This course is produced by Built Intelligence, in association with Michael Bennett.
Michael is a solicitor and adjudicator with over 15 years of experience. He specialises in engineering and construction disputes, with a particular focus on highly technical matters and has advised on projects across almost every sector, including power, rail, road, pharmaceutical, oil and coastal defence.
