Introduction to JCT Contract Administration Payment (Part 3)
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This course aims to explain how and why payment is made on construction contracts. It covers not only payment for work done but also payments for loss and expense.
After studying this course, you should be able to:
1. Explain in detail the procedure for payment using a JCT standard form of building contract with reference to the Standard Building Contract 2016 (SBC) and Design and Build Contract 2016 (DB).
2. Understand the basic payment provisions contained in UK legislation regarding payment for construction works.
3. Understand how interim and final payments are ascertained and why.
4. Understand the factors to be considered prior to compiling a loss and expense claim.
5. Understand the significance of the final certificate.
6. Understand the importance of monitoring payments and making regular financial reports.