Early warning Definition

GLOSSARY

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What does Early warning mean?

The early warning process is found most notably in the NEC3/NEC4 suite of contracts, but the concept also exists in some other standard form contracts. It requires the parties to the contract to notify each other, as soon as either of them becomes aware of any matter that could increase the total cost, delay completion or impair the performance of the finished work, so that the parties can proactively deal with the issue.

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Avoiding construction disputes—checklist

Avoiding construction disputes—checklist This Checklist identifies measures which can be taken, some during the procurement process and others during the course of project, to help to reduce the risk of disputes arising on construction projects. During the procurement process • Choose the right procurement route Ensure that the correct procurement route is used for the particular circumstances. For example, if the employer wishes to retain control over design or materials, then a traditional contract may be more appropriate than a design and build contract. However, if a quicker start on site is required, then design and build may be preferred. See Practice Note: Choosing the right procurement method—construction projects. • Use the correct pricing structure Choose the appropriate pricing structure. For example, if the employer is looking for costs certainty, then a lump sum contract will be a better option than a prime cost contract. If a lump sum contract is used, avoid including too many provisional sum items (which will undermine the desired costs certainty). See Practice Notes: Pricing...

Consumer credit—timeline (2011–2023) [Archived]

Consumer credit—timeline (2011–2023) [Archived] This timeline outlines the key developments relating to consumer credit, from both a UK and EU perspective (2011–2023). This timeline is archived and is no longer maintained. For key developments relating to the UK's consumer credit regime, see UK Consumer credit—timeline. 2023 Date Source Document Description 16 November 2023 FCA Review of our approach to secondary brokers The FCA announced that it has recently reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers, looking specifically at how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services. As part of this review, firms that were authorised as Full Permission credit broker firms may be eligible to become authorised as Limited Permission firms, depending on what activities they undertake. If they are eligible to change from Full to Limited Permission, they may be entitled to a refund on a proportion of their past regulatory fees. 14 November 2023 FCA CP23/21: Consumer credit—Product Sales...

NEC Supply Short Contract

NEC Supply Short Contract Overview of the NEC Supply Short Contract The NEC Supply Short Contract, as the name suggests, is a concise form of contract for the supply of goods and services. It is part of both the NEC3 and NEC4 suites of contract, and is also known within the NEC suites as the SSC form. It is an alternative to the longer form NEC3/NEC4 Supply Contract (see Practice Note: NEC Supply Contract). The NEC3/NEC4 Supply Short Contract is intended to be used for the purchase of low value/risk items which do not require active management of the purchase. It may be used to purchase ‘standard commodities’, and the NEC3 Guidance Notes give the examples of the purchase of stationery, printer supplies, tools, raw materials etc. The Purchaser can choose whether the goods are to be delivered in a single delivery, or in batches (clause 23.1). The Purchaser may wish to order in batches if the precise dates for delivery or quantities are not known...

The value we add

The value we add What in-house legal teams do that helps articulate their value Tactically Operationally Strategically Tactical value is the value that is easiest to count, but the least satisfying as an indicator of true value. It is however simplistic and easy to grasp and therefore of some importance, certainly defensively. Ironically, although not very helpful to judge quality or intrinsic value the following are indicators the business will often request of lawyers – faster, quicker, and cheaper! And so a team often gets stuck here and fails to develop more thoughtful indicators of value. Operational value is the value that is derived from applying insight to operational policy and process and, in doing so, adding value through a closeness of alignment, understanding and access. Good teams move here quickly as they can make their work easier in addition to driving a more efficient model for the business. In essence, tactical value fails when increasing demand creates a bottleneck. Operational value is about alleviating the bottleneck...

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JCT Management Works Contract 2016—Form of Agreement and Amendments

JCT Management Works Contract 2016—Form of Agreement and Amendments Agreement in relation to [insert brief details of the works/project] at [insert address of works] (incorporating (inter alia) the JCT Management Works Contract Agreement 2016 (MCWC/A 2016) and JCT Management Works Contract Conditions 2016 (MCWC/C 2016) as modified and supplemented in the manner indicated in this Agreement and the Schedules hereto). This Agreement is made on the [insert number] day of [insert month] 20[insert year]. Parties 1 [insert name of the Management Contractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Management Contractor] (‘the Management Contractor’); 2 [insert name of the Works Contractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Works Contractor] (‘the Works Contractor’). Now it is agreed that: 1 Interpretation In this Agreement words and expressions shall have the meanings that are respectively assigned to them in the JCT MCWC/A 2016 and the JCT MCWC/C 2016, referred to in and...

Schedule of Amendments to JCT Minor Works Building Contract with contractor’s design 2024

Schedule of Amendments to JCT Minor Works Building Contract with contractor’s design 2024 Schedule of amendments to the jct minor works building contract with contractor’s design 2024 The Contract comprises the Minor Works Building Contract with contractor’s design 2024 Edition published by the JCT subject to the following amendments: agreement ARTICLES Article 5 and 6 [See drafting note] Article 8 Article 8 ArbitrationDelete Article 8 and insert ‘All references to arbitration in this Contract are deleted.’ Article 10 After Article 9 insert the following: Article 10 [ To be added on the face of the contract ] Schedule of Amendments The Employer and the Contractor agree that the modifications in the Schedule of Amendments attached hereto (as initialled by the parties) are incorporated into this Contract and the provisions of the Agreement, the Contract Particulars, the Conditions and the Schedules annexed to the Conditions shall have effect as modified by the Schedule of Amendments which together comprise the ‘Contract’. Article 11 Insert new Article: ‘Article...

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What is a REIT and are there any issues which need to be considered when lending to a REIT?

What is a REIT and are there any issues which need to be considered when lending to a REIT? What is a REIT? REIT stands for 'real estate investment trust'. A REIT is effectively a tax-free vehicle for real estate investment, with tax levied at the level of the investors rather than in the vehicle. The REIT regime was designed to provide 'liquid and publicly available property investment vehicles which are available to a wide range of investors' and which would raise 'productivity in the commercial property sector'. For more information on the REIT regime, see Practice Note: REITs—summary of the tax regime. Issues which should be considered when lending to a REIT When lenders are considering lending to a REIT, in many ways the credit analysis is the same as for other borrowers. For example, lenders need to consider: • the nature of and the risks associated with the portfolio of assets held by the REIT • the projected income for the business, from which the debt will...

Under the JCT and NEC contracts, is the contractor entitled to an extension of time if construction works are delayed due to the impact of coronavirus (COVID-19)?

Under the JCT and NEC contracts, is the contractor entitled to an extension of time if construction works are delayed due to the impact of coronavirus (COVID-19)? A contractor may be entitled to an extension of time due to coronavirus where, for example: • labour supply is affected • material supplies are delayed by supply chain issues affected by overseas governments exercising statutory powers • the site is closed partially or wholly or restrictions are placed • government exercise of statutory powers The terms of the contract will determine the routes available to a contractor. This Q&A looks at the provisions in the two forms most commonly used in the United Kingdom—the JCT contracts and NEC contracts. JCT contracts Under the JCT Standard Building Contract 2011/2016 there are three possible avenues for a contractor to make a claim for an extension of time: Force majeure ‘Force majeure’ is not defined in the standard JCT contract (it is advisable to check any schedule of amendments for a...

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PPI publishes report on impact of inequality on UK pension system

The Pensions Policy Institute (PPI) has published its fourth edition of the UK Pensions Framework, highlighting concerns about the impact of rising inequality on the UK pension system. The report, titled ‘Red Sky in the Morning?’, highlights that while recent pension reforms have had some success, persistent gaps in pension coverage and contributions, coupled with widening health and wealth inequalities, pose significant risks to retirement security. The PPI stresses that the government's upcoming Pensions Review is crucial for addressing these challenges. Key issues identified include the growing disparity in health and life expectancy between socioeconomic groups, the strong correlation between employment type and pension savings ability, and the projected increase in pensioners renting privately due to falling home ownership rates. The PPI urges policymakers to view these trends as early warning signals and to develop targeted strategies that can build on existing successes while addressing emerging risks in wealth, health, housing, and employment.

COP29 round-up—13 November 2024 (World Leaders Climate Action Summit)

On 13 November 2024, the World Climate Action Summit (WCAS) continued at the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29). Negotiations continued on the new collective quantified goal (NCQG) on climate finance, with developing countries emphasising the importance of public finance. The operationalisation of the Fund for Responding to Loss and Damage (FRLD) advanced. Parties discussed guidance for cooperative approaches under Article 6.2 of the Paris Agreement, focusing on addressing inconsistencies in reporting. Deliberations also occurred on further guidance for NDC features, follow-up to the Global Goal on Adaptation framework, and the review of the Warsaw International Mechanism for Loss and Damage.

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GLOSSARY