Construction projects and risk management: NEC 4 – the evolution of contracts
For 12 years now the NEC3 contract has played a key role in delivering high profile projects through its reliance upon the values of proactive project and risk management procedures and the use of plain English.
Following the widely anticipated release of NEC4, we outline the key changes to be aware of and the potential implications these may have on the construction sector.
The next generation of NEC contracts, referred to as the NEC4 suite, has been described as an evolution of the existing NEC3 form, based on user feedback, rather than a revolution.
As such the traditional NEC values that have led to the successful delivery of many projects remain largely unchanged, although there are some interesting changes and additions. Five of these are reviewed within this paper.
Authored by Manoj Bahl, MSc MEng CEng MICE MCIArb, Senior Director, FTI Consulting and reproduced with his permission.