NEC ECC: Option X2 - Can there be compensation for time?

I understand if there is a change in Defined Cost then an adjustment can be made either in the Contractor’s or Client’s favour, however what if the change in law has an effect on the programme and Completion.

Clause X2 just makes reference to a reduction in the prices?

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Compensation events always consider time & cost together … so the answer is “yes”.

The reason for the reference to reduction in Prices is because compensation events can only reduce the Prices if it is explicitly stated in the contract.