ESSENTIAL LAW: VARIATIONS, PART Ⅱ

摘要

Variations may give rise to additions or deductions from the contract sum and may also require an adjustment to the completion date, depending on the nature and scale of the variation. The key starting point when valuing a variation is the terms of the relevant construction contract. Generally speaking, there are two approaches to the valuation of variations: 1. Using contractual rates 2. Valuing on a cost basis. Different standard forms take different approaches. For example, the JCT forms generally seek to value variations using the contractual rates, whereas the NEC forms generally seek to value variations on a cost basis.