NEC3 Option B - Rates from Model Compensation Event

NEC3 and NEC4 Contracts Compensation Events
1

Good Afternoon,
Working on an NEC3 Option B project. Commenced work in July 2019 and at that stage the planned completion date was December 2021. There has been numerous delays throughout the project and the completion date is now June 2023.
Are we as the Contractor still held to rates from the Model Compensation Event or can these be re-visited?
Thanks,
Shaun

2

@smcmanus please can you elaborate on your question?

If secondary Option X1 is in your contract then this provides for price adjustment for inflation however it is calculated in each assessment of the amount due.

The term “Model Compensation Event” is not a NEC term and as such must be unique to your contract which means that the answer will depend on the specific terms of your contract.