NEC4 ECC Option C - Inspection of records of Defined Cost

Under clause 50.9, where the Contractor notifies the Project Manager when a part of the Defined Cost has been finalised to allow inspection of such records, what is meant by “a part of Defined Cost”?

Does this allow the Contractor to introduce intervals at it’s own discretion, at monthly or quarterly intervals, or does this mean the Defined Cost associated with a part of the Works that has been finalised?

Also, does this mean that once a “part of the Defined Cost” has been accepted or assessed by the Project Manager, it cannot be revised? i.e. in the same way as an implemented Compensation Event.

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It is deliberately defined a bit vaguely because what is appropriate will vary from contract to contract : it could be by work type, by subcontract, by cost classification e.g. staff costs or, as you allude to, by time. Regardless, it as the Contractor chooses.

You are correct in that once it has been accepted or assessed, it cannot be revised, except via the disputes mechanism.