NEC Hosting a Free Webinar on Retentions
On 15 November, the Construction Leadership Council in collaboration with NEC published joint guidance to industry on the use of retention clauses under NEC3 and NEC4 Engineering and Construct Contracts, and sub-contracts.
The NEC are hosting a free webinar on Monday 16 January 2023 at 2pm to support the new guidance and an opportunity to learn more. Unlike many standard form contracts retentions under the NEC form are optional. This webinar will provide a comprehensive guide to the use of that Option X16 in NEC Contracts. Further, it will explore when alternatives to retentions should be utilised, and what those alternatives are, as well as exploring the advantages and disadvantages of using retentions generally.
Date: 16th Jan 2023
Time: 2pm (GMT)
Length: 1 Hour
Join us for this webinar as we go over the latest guidance on how to minimise the use of retention funds in NEC works contracts.
In the Government’s 2018 consultation on the practice of cash retention under construction contracts, 71% of the Contractors surveyed reported having experienced delays in receiving retentions back, while it was estimated that anywhere between £3.2 and £5.9 billion is retained annually in the construction sector in England alone. The issue of retentions is therefore one of crucial economic importance to the industry and attracts wide ranging views across the sector with the government and the Construction Leadership Council both actively considering the issue in the context of procurement and contractor performance generally. It is in that context that the NEC and CLC’s joint guidance on retentions under the NEC form contracts must be read.
Unlike many standard form contracts retentions under the NEC form are optional. This webinar will provide a comprehensive guide to the use of that Option X16 in NEC Contracts. Further, it will explore when alternatives to retentions should be utilised, and what those alternatives are, as well as exploring the advantages and disadvantages of using retentions generally.
You can register here.
