I am using an NEC3 Option C Contract which has numerous Compensation Events requiring significant amount of detail and input.
In some cases, Extension of Time requests on these CE’s can be requested months after the original quotation required by date.
My understanding is that even after an Extension of Time request, the way in which the Compensation Event is assessed does not change, it will still be assessed when the Project Manager Instructed and that will be the dividing point between actual and forecast cost.
Am i correct in saying that in theory, if an EOT was put in for 1 year and the Project Manager Accepts, is the event still assessed from when the Project Manager Instructed.
If so, if i had received a quotation from a Subcontractor for 100k due to the Compensation Event, but waited a year and then knew it was 10k, would i be entitled to submit the CEQ with the 100k cost under the contract.
Obviously there is an Ethical question here, but i’m curious what the Contract allows in this instance.