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NEC ECC: In the contract what is the definition of Defined Costs

+1 vote
When reading the shorter schedule of cost components, what is the definition of defined costs that you should be reading in conjunction with?
asked Apr 28 in NEC3 SOCC/SSOCC by anonymous   1 4

1 Answer

+1 vote
Defined Cost is a defined term in each of the ECC contract options, but it will be in the specific contract option elements as it is not a core clause (i..e not consistent across all of the options). It is 11.2(22) for options A/B and 11.2(23) for options C-E.

Under option A&B, Defined Cost is only used to assess compensation events using the shorter schedule of cost components.

Options C-E Defined Cost uses the full Schedule of Cost Components to assess not only compensation events but also the Price for Work Done to Date within the period.
answered May 12 by Glenn Hide (33,040 points)