Briefly, the key changes include:-
Amended payment provisions; with Interim Valuation dates [IVD] and to facilitate payment to all tiers of the contractor/sub-contractor chain within 31 days of IVD.
Amended loss and expense provisions: new procedure for assessing loss & expense claims, which are intended to improve communication between the parties and create a timeframe for information to be provided and assessed.
Amended Insurance Option C, to allow more flexibility and allowing for alternative arrangements to suit the particular needs of the parties.
If you need any contractual advice please contact Sean Theaker, e-mail Sean@bst-consultqs.com