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On 31 October 2016 the JCT published a new edition of its Standard Building Contract with the changes listed below. The update includes new definitions and now incorporates The Construction Design and Management Regulations (CDM).
PAYMENT PROVISIONS (SIMPLIFIED):
Combined Payment Notice and Pay Less Notice and final dates for payment.
Interim valuation dates which apply throughout the construction period and the rectification period payments now will
be every month rather than every two months.
14-day period applies to both the period of time between the due date and the final date for payment for interim and
final payments.
New procedure for prompt assessment within 28 days by the employer of loss and expense claims and 14 days from
each subsequent monthly update from the Contractor.
Fluctuations Options A, B and C were made more flexible and are set out and selected in the Contract Particulars.
Options B and C are no longer attached to the contract but are still available to use from the JCT website and the
contract now allows for an alternative bespoke cost adjustment formula.
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