Under JCT 2016 the Contractor is obligated to: Further, JCT 2016 includes a new procedure for the ascertainment and notification of such loss and expense. The Contractor remains entitled to claim for loss and expense incurred where the progress of the works has been materially impacted by a Relevant Matter (as described in clause 4.), such as, a change in the Employer’s instructions. Here’s how the inclusion of IVDs and the surrounding payment mechanism has this effect in practice. ![]() It also speeds up the payment process throughout the contractual chain so that all levels of the chain from the main contractor down to subcontractors and sub-sub-contractors are paid within the same 30-day period. Establishing IVDs that operate down the supply chain is intended to reflect the government’s fair payment charter. ![]() JCT 2016 has introduced the concept of a common Interim Valuation Date ( IVD) which is built into all contracts, subcontracts and sub-sub-contracts.
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