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  • Wannacry cyber attack exposes vulnerability to ransomware; potential issues with cover

    Blog Post

    Submitted: 22 May 2017

    The indiscriminate nature and widespread effects of the Wannacry cyber attack may prompt businesses to review their insurance cover as well as their IT security.

  • Cybersecurity: The commercial realities Restricted access

    Seminar

    Submitted: 18 May 2017

    This session offers an overview of the Cybersecurity market segment, market trends, the threats, the perpetrators, the motivation behind recent high profile cyber-attacks, how are attacks being carried out, what makes these attacks possible and what counter measures should be taken.

  • President Trump's tax plan: impact on multinationals

    Article

    Submitted: 02 May 2017

    Details of the White House’s tax plan include plans to reduce business tax rates to 15% and allow a one-off repatriation of overseas earnings to the United States.

  • Legal Headwinds: UK/EU - Quarterly Report - Q2 2017 Restricted access

    Newsletter

    Submitted: 26 April 2017

    The Q2 2017 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to asset managers and financial institutions operating in the UK for the period from 01 April 2017 to 30 June 2017.

  • Does clause 63.1 apply to assessing time as well as money and what are the consequences?

    Online Learning

    Submitted: 19 April 2017

    Clause 63.1 provides a dividing line between using the cost incurred and using a forecast of cost plus risk for future operations. Given that the compensation event process deals with all aspects of an event in one go does the dividing line established in 63.1 apply equally to delay caused by the event or is there some other mechanism that has to be used? If some other mechanism does that threaten the all-encompassing approach of compensation events?

  • What happens when the Project Manager doesn't reply properly either to a notification or a quotation?

    Online Learning

    Submitted: 19 April 2017

    There are a number of stages that a compensation event needs to pass through before it becomes implemented under the contract. Is it possible for the PM to de-rail the process by refusing to engage in it? If there is a lack of engagement what happens ideally and practically?

  • Do the 63.7 assumptions work in practice?

    Online Learning

    Submitted: 19 April 2017

    Clause 63.7 allows the Project Manager to give some working assumptions to the contractor where there is not enough detail available for a proper quotation for a compensation event. Are assumptions often given and if they are do they help the contractor or just cover the PM?

  • Which of compensation events are most common and which are most often wrongly claimed?

    Online Learning

    Submitted: 04 April 2017

    The compensation event mechanism is intended to be a sole remedy under the contract. The list of what can be a compensation event therefore has to be all encompassing. Despite that breadth are there trends, in particle, for which ones are most common and are there particular events which rarely seemed to be claimed properly?

  • How do the time bars in 61.3 operate and do they sit well with the 10.1 spirit of trust and cooperation obligation?

    Online Learning

    Submitted: 04 April 2017

    ​61.3 provides that, for certain compensation vents, if the contractor does not notify them within 8 weeks of becoming aware of them it will lose the right to a change in the total of the prices and the completion date. That doesn’t sound very much like mutual trust and cooperation does it? Is it appropriate to have time bars in this contract and do they work?

  • Compensation Events tie together all contractual consequences of certain events, does that really work?

    Online Learning

    Submitted: 04 April 2017

    The theory behind compensation events in the NEC is to take an event and deal with all of its consequences and how all parties have dealt with it in one go. Does that produce a better result or just a more complicated process? Is it really any different to other contacts in any event.

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