Contracts 3rd W, NEC4

Contracts 3rd W, NEC4

1. Published by ICE

   • Facilitates sound project management

2. Principles

   • Flexibility
   • Clarity and simplicity
     • Plain English, no jargon
     • No cross-reference between clauses, standalone
   • Encourages good project management
     • Actively manage a project
   • Proactive Risk Management
   • Collaborative and open communication

3. Suite

   • Engineering and Construction Contract
   • Term Service Contract
   • Professional Service Contract
   • Supply Contract
   • DBO Contract

4. Structure

   • Main Option Clauses
     • 6 Options, depend on remuneration
       • Fixed Price
       • Fixed price with BOQ
       • Target Contract
       • Target Contract with BOQ
       • Cost reimbursable
       • Management Contract
     • Core Clauses
       • General Terms
       • Responsibilities
       • Time-Completion
       • Testing
       • Payment
   • Secondary Options
     • Inflation
     • Bonus
     • Multiple Currencies
   • Additional conditions

5. Time: Accepted Programme

   • Update

6. Dispute Escalation and resolution