NEC3 Engineering & Construction Contract, options C to E (the cost based options)
- Understanding Defined & Disallowed Cost in NEC3 Options C to E.
- Participants gain insight into auditing Defined Cost.
- Course focuses on Schedule of Cost Components (SoCC).
- Common approach to auditing Defined Cost is agreed.
- Aimed at those managing change under NEC3 contracts.
Overview
NEC3 Options C to E Training focuses on understanding Defined and Disallowed Costs, as well as the Schedule of Cost Components under the NEC3 Engineering & Construction Contract. The course aims to help participants achieve a common understanding of payment assessment, cost components, and auditing processes. It is designed for individuals with prior experience in contract administration and change management who want to enhance their skills. The one-day advanced course covers topics such as target and cost reimbursable contracts, Disallowed Costs, and auditing practices.
Who should attend
Admin, Managers, Change Managers
Understanding Defined & Disallowed Cost and the Schedule of Cost Components
Objectives :At the end of the day, participants will
1. Know the background clauses, both core and specific to option C in terms of how payment is assessed.
2. Achieve a common understanding of what counts as Defined Cost and Disallowed Cost.
3a. Know the structure of the Schedule of Cost Components (SoCC).
b. Have greater insight into the common areas of discussion in the SoCC and a consensus common sense view on how they should be applied.
4. Agree a common sense common approach to auditing Defined Cost.
Outline Programme :
> The Basics : What are target and cost reimbursable contracts. How the ECC payment provisions work. Definitions of Fee and Defined Cost, including elements for subcontracting.
> Disallowed Cost : examples that are clear cut and not so clear cut for each bullet.
> The full Schedule of Cost Components : overall structure, nuances and areas of common discussion.
> Auditing : value for money vs. level of assurance.
This course is aimed at those involved in the administration and management of change under the NEC3 Engineering & Construction Contract. It is an advanced course for those who already have some experience and a working knowledge of the contract, yet wish to develop their capabilities further.
Duration:1 Day
Cost:£245 + VAT
