As the built environment faces increasing economic volatility, the new JCT Training Video Module provides essential understanding into fluctuations provisions
A new JCT Training Video Module aims to enable understanding of fluctuations provisions, an increasingly essential part of the construction contract process.
One way that a JCT contract can help to minimise the impact of economic volatility on a construction project is with the use of fluctuations provisions.
In JCT contracts generally, three options for incorporating fluctuations provisions are provided (Fluctuations Options A, B & C), depending on the requirements of the project and the contracting parties.
Learn about the different fluctuations provisions available with JCT
In the latest video module, ‘Fluctuations and JCT Contracts‘, you can learn about the different options available within JCT contracts for the use of Fluctuations provisions, in addition to how they are applied.
For the built environment in particular, in addition to the rises in interest rates and general inflation, labour availability and materials indices are even more unpredictable with supply problems and shortages contributing to specific price increases.
In the new JCT Training Video Module you can:
- Learn about JCT Fluctuations Options A, B & C, the differences between them, where to find them, and how to select them in the Contract Particulars.
- Learn about the operation of the Formula Rules under Fluctuations Option C, including identifying and establishing the Base Month, the differences between Part I (Work Categories) and Part II (Work Groups), and how to make and maintain the necessary calculations using the formula.
- Find out how to make the necessary requirements for operating Fluctuations Options A & B and where one or other might be more relevant.
- Get general guidance on the principles behind fluctuations provisions and their use.
JCT Training Video Modules form part of a wider package of training resources for construction professionals, including webinars and face-to-face courses. You can find more information here.
