NEC3 Understanding Risk within NEC3 Contracts
- This workshop focuses on risk management within NEC3 contracts.
- Attendees gain a clearer understanding of risk allocation.
- Learn about compensation events and risk alteration.
- Recommended for those involved in contract document preparation.
- Ideal for project managers, quantity surveyors, and contractors.
Overview
This half-day workshop focuses on understanding and managing risks in construction projects, particularly within the NEC3 suite of contracts. Participants will learn about risk allocation, early warning processes, and the NEC3 Risk Register. The course is recommended for individuals involved in preparing or reviewing contract documents at tender stage or administering an ECC contract on a live project, including project managers, contract managers, quantity surveyors, clients, consultants, planners, contractors, and supply chain members.
Who should attend
Project Managers, Contract Managers, Quantity Surveyors, Clients, Consultants, Planners, Contractors
Course Content
This half-day NEC3 Understanding Risk within NEC3 Contracts workshop considers both more traditional approaches to identifying and managing risk compared to the processes specifically identified within the NEC3 suite of contracts. It considers definition of risk and risk management before looking at the traditional risk registers that often get produced and reviewed generally across construction projects.
The Risk Register is a key aspect within the NEC3 suite of contracts and its use and understanding is instrumental in identifying and managing the risks associated with a project and the actions which need to be taken to avoid or reduce those risks. The session will consider the different ways that risk can be altered throughout the contract and the considerations that the Parties should make when allocating risk or pricing risk accordingly. It will reinforce the requirements of the early warning process and what should go into an NEC3 Risk Register, which is used to monitor and close out the risks and early warnings that have been raised on a project.
Attendees of this course will have a much clearer understanding of risk allocation throughout the contract and how it can be best managed from tender stage through to the conclusion of a project.
You will learn about:
- definition of risk management and what a traditional risk register is likely to include
- compensation events and how they proportion who’s risk is what under the contract
- how main and secondary option choices alter the risk profile on a project
- Employer’s risk within section 8 of the contract and within Contract Data
- Defined Costs and Disallowed Costs under the contract
- the specific requirements of the early warning process and resultant NEC3 Risk Register, and how it differs from the more traditional project risk registers that are used within the industry.
- how this Risk Register is updated throughout the life of a project and
- how risk can be dealt with differently for individual compensation events
You can view all of our NEC training courses here.
