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

    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? Restricted access

    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? Restricted access

    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? Restricted access

    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? Restricted access

    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? Restricted access

    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.

  • Financial Services Alerter - February 2017 developments

    Newsletter

    Submitted: 31 March 2017

    Issue 109 of this regular bulletin summarising significant legal and regulatory developments of relevance to the fund management and investment banking communities.

  • Spoiler alert: new (and) enhanced contract? NEC4

    Article

    Submitted: 15 March 2017

    We have waited 12 years but we are now just weeks away from the new suite of NEC contracts which will be known as NEC4. The NEC has issued a paper setting out some of the features of the new contracts, we summarise the key ones.

  • Cayman Islands extends CRS notification and reporting dates

    Article

    Submitted: 10 March 2017

    The Cayman Islands have announced that CRS notification and first reporting deadlines have been extended by two months.

  • New Qatar Arbitration Law

    Article

    Submitted: 01 March 2017

    Philip Norman and Paul Bradley examine Qatar’s new Arbitration Law and consider some of the impacts on current and future arbitrations and enforcement in the State.

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