NEC Compensation Events Workshop
Location: Online using Loopup
Date: 30 April 2020
2-5pm on Thursday 30th April 2020
RSUA is today launching its first online Continuous Professional Development (CPD) event. In recognition of the extremely difficult conditions at the moment we will be running all these events at heavily discounted rates for members. If you have any requests for online CPD, please contact Emmet on email@example.com.
We are also conscious that many charities carrying out life-changing work are under severe financial strain. As a small step to help, RSUA will be donating the small fees members pay to attend our online CPD events over the coming months to the Ask An Architect affiliated charity, the Friends of the Cancer Centre via the Jill Todd Trust.
The first online workshop is on NEC Compensation Events.
We know that with a challenging economic environment Compensation Events could become an area of focus for architects. Compensation Events are NEC terminology for variations, loss and expense and extensions of time; a single assessment that deals with the entire effect of an event on time and money. Whilst the name suggests this always results in something more for the Contractor/Consultant (a compensation), this is not always the case, as the saying goes, ‘Prices can go down as well as up’.
Compensation Events, unsurprisingly, are the area which give both parties the most aggravation in terms of agreeing whether an event is or is not a compensation event and in terms of assessing the effect of them on the contract Prices and contractual Completion Date.
RSUA has scheduled this half-day workshop with Dr Jon Broome, one of the UK’s leading NEC tutors. All of Jon’s previous RSUA workshops have been rated as ‘excellent’ by members.
- Give a quick overview of the change management process and how the Accepted Programme and early warning procedures feed-in and affect the assessment of compensation events
- Definitions of Compensation Events: core clauses, main and secondary options. Exercise.
- Process & time scales for notification, submission, assessment and acceptance.
- Assessment: Basis for assessment. Cost and Time Risk Allowances. Forecasts and Assumptions. Reduced Prices. Reasons for reducing the assessment. Excluded Costs. Guided Exercise.
- The Schedules of Cost Components: When to use the ‘Normal’ and Shorter Schedule of Cost Components. Understanding the ‘normal’ schedule. Exercises. Understanding the Shorter Schedule. Exercise.
- If time: a methodology for the Rapid Assessment of Compensation Events.
Please note: This is an advanced course for those with some knowledge and experience of managing and administrating NEC contracts. While it will focus on NEC4, it will be applicable to those still administrating NEC3 contracts.
When you book your place we will then send a link and instructions to join the course.
If you have any queries about this course, please email firstname.lastname@example.org.