What is NEC 3 option C?
Option C is a target cost contract with an activity schedule where the out-turn financial risks are shared between the client and the contractor in an agreed proportion. This document contains all the core and secondary option clauses, the schedules of cost components, and contract data relevant to an option C contact.
What is the difference between NEC option A and C?
Under Option A, the crunch point is at the beginning and achieving an appropriate Activity Schedule breakdown whereas, under Option C, it is a month on month direct demonstration of cost to enable interim payment.
Is NEC option C design and build?
It is used for the appointment of a contractor for engineering and construction work, including any level of design responsibility.
What is NEC subcontract?
The subcontract is intended for use in appointing a subcontractor where the contractor has been appointed under the NEC3 Engineering and construction options, the available secondary options, schedules of cost components and contract data.
How does NEC Option C work?
‘The NEC Option C is a target cost contract with activity schedule where the out-turn financial risks are shared between the client and the contractor in an agreed proportion. Throughout the works the Contractor is reimbursed for his “Defined Costs” plus fee minus any “Disallowed Costs”.
What is NEC Option D?
Option D is a target cost contract with a bill of quantities where the out-turn financial risks are shared between the Client and the Contractor in an agreed proportion.
How does NEC option C work?
What is NEC Option G?
An Option G, under the NEC3 Professional Services Contract provides an overarching arrangement that allows clients to: Call off professional services on a defined project on a progressive phase-by-phase basis, with Purchase Orders instructing services captured in Task Orders in line with the Task Schedule.
What is an option C contract?
What is an NEC3 – Option C?
– KJ Taylor Consulting NEC3 – Option C – What does that mean? ‘The NEC Option C is a target cost contract with activity schedule where the out-turn financial risks are shared between the client and the contractor in an agreed proportion.’ NEC.
Are subcontract conditions an NEC contract?
subcontract conditions being an NEC contract. This wide definition includes reference to the Professional Services Contract (PSC) which as part of the NEC3 family provides the perfect vehicle to sublet the design under for both the Contractor and the Employer. The content of the PSC will be the subject of a future insight.
What are the contents of the necnec3 target cost contracts?
NEC3 Target Cost Contracts Contents 1. Overview of DSD’s NEC Contracts 2. Conditions adopted in HKSARG’s NEC3 Contracts 3. Tender requirements 4. Tender procedure 5. PM’s and PMR’s roles 6. Contractors and Subcontractors 7. Pains and Gains Overview of DSD’s NEC3 Contracts
What is sub contracting in NEC3 target cost contracts of hksarg?
Subcontracting in NEC3 Target Cost Contracts of HKSARG Z clauses requires – Contractor to procure subcontracts by competitive Tendering – Stores and Procurement Regulation of HKSARG Probity, anti-collusive tendering clauses apply to Subcontracts Additional Conditions of Contract (ACC) ACC C9: Subcontract conditions