Change

Change | 07 May 2024

What is a compensation event?

In the NEC (New Engineering Contract) family of contracts, a compensation event refers to an event or circumstance that has occurred, entitling one of the parties to the contract to compensation for the impact of that event on time, cost, or both. Key points regarding compensation events in construction contracts include: Definition of Compensation Event:In NEC contracts, a compensation event...

Change | 07 May 2024

What is a variation?

A variation, also known as a change order or change directive, refers to any modification, addition, or omission to the original scope of work specified in the contract. Variations can arise for various reasons, including changes in project requirements, design modifications, unforeseen site conditions, or employer-requested alterations to the original specifications. Key points regarding variations in construction contracts include: Nature...

Change

What is a compensation event?

What is a variation?

Filter by category