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ARTICLE · 10 JUNE 2009

New Revision To Standard Forms Issued By JCT

MacRoberts
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JCT issued Revision 2 of the Standard Building Contract, the Design and Build Contract and the Minor Works contracts in May.

United KingdomReal Estate and Construction
Shona Frame
Shona Frame
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P>JCT issued Revision 2 of the Standard Building Contract, the Design and Build Contract and the Minor Works contracts in May. Main changes include:

  • Interim payments after practical completion – rather than payments being made as and when further amounts are due, the new provision requires this at 2 monthly intervals.
  • Where the Employer fails to issue a Certificate or issues it late, an entitlement for the Contractor to be paid interest from what would have been the final date for payment if a Certificate had been issued on time.
  • New clause – "Retention Bond" which applies if a bond is being provided in lieu of retention being deducted and text for Form of Retention Bond added.

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