NEC3/4 Compensation Event Training
- Introduction to compensation event process in NEC3 contracts. Clearer liability understanding and systematic approach to cost and time effects. Detailed knowledge of compensation event process from start to finish. Understanding of change management process within NEC3 contracts. Identification, management, and assessment of compensation events.
Overview
This one-day workshop focuses on the compensation event process within NEC3 contracts, emphasizing the clear identification and management of liability and entitlement for delays. Participants will gain a comprehensive understanding of the processes involved in handling compensation events, including notification, quotation, assessment, and implementation. The course is recommended for project managers, contract managers, quantity surveyors, planners, and consultants involved in project change management. Prior knowledge of NEC3 contracts is beneficial for optimal learning outcomes.
Who should attend
Project Managers, Contract Managers, Quantity Surveyors, Planners, Consultants.
Course Content
Why you should attend this workshop?
This one-day workshop introduces the compensation event process which is the mechanism within the NEC3 contracts for dealing with change. The compensation event process makes it clearer than other forms of contract in the first instance as to whose liability a particular issue is, before then establishing a clear systematic approach to ascertaining the cost and time effect of these events in a methodical and timely manner. The contract seeks to promote/achieve understanding of liability and associated entitlement of individual delays as they occur. This is contrary to the natural tendency of other contracts of saving such delays to the end of a project and trying to resolve entitlement when it is far too late and subjective to ascertain liability with any degree of certainty or fairness.
This workshop will provide you with a detailed working knowledge of the compensation event process from start to finish. It will identify which events in the first instance would constitute a compensation event. It then takes attendees through the definitive distinct processes associated with each event i.e. notification, quotation, assessment and implementation. The workshop will review how such events should be priced and evaluated, considering in particular elements of risk and also time entitlement in association with the latest Accepted Programme. The workshop then runs through a series of case studies and worked examples to allow attendees to consider and apply the contractual process to a number of given situations to decide how they should be managed and what the result in each case contractually would be.
Attendees of this course will have a much clearer understanding of the change management process within these contracts and how each such compensation event should be identified, managed and assessed from its inception to its final agreement.
You will learn about:
- what is a compensation event
- the separate compensation event processes involved with each event i.e. notification, quotation, assessment and implementation
- the difference and interaction between early warnings and compensation events
- the part that the Accepted Programme plays in assessing the time and cost associated with each compensation event
- identifying and preparing quotations for compensation events and how they should be subsequently assessed
Recommended for:
This workshop is recommended for anyone who is involved with managing change on a project including in particular project managers, contract managers, quantity surveyors, planners, consultants, within any employer/contractor/subcontractor/consultant organization. Attendees preferably would either have attended an Introduction to NEC3 workshop or have practical experience of working on an NEC project to understand the wider basic principles of the contract in order to get the most out of the session.
Course duration: 1 Day
Cost: £195 + VAT
