15 May 2017 #Construction
JCT has now released all of the 2016 edition of its standard form suite of construction contracts. The 2016 edition includes:
The key areas that have been updated in the new suite include: BIM, CDM Regulations 2015, Public Contract Regulations 2015, Payment, Insurance, Performance Bonds and Guarantees, Third Party Rights and Collateral Warranties. Last year we summarised these main changes in an article.
How have the changes been welcomed by the industry?
It has nearly been a year since the launch of the first JCT 2016 edition contract (the Minor Works Building Contract 2016).
The changes have been welcomed by the industry, particularly the more concise, user friendly and flexible provisions.
At Clarkslegal we have seen parties contract using the 2016 Design and Build Contract, Intermediate Building Contract and Standard Building Contract With Quantities for their projects in particular. However, despite the amendments, parties still continue to amend the 2016 suite of construction contracts with a schedule of amendments.
For more information on the new suite of JCT contracts, or if you would like assistance with drafting a suite of JCT documents for an upcoming project, please contact David Rintoul.