| 1 FEBRUARY 2010 JCT TIGHTENS TERROR TERMS OF CONTRACTS Terrorism provisions within JCT contracts have been amended. JCT (the Joint Contracts Tribunal) has issued an update to its standard forms of contract to rationalise a contractor's liability for loss or damage on the project resulting from an act of terrorism. The passing of the Terrorism Act 2000 has led to a gap emerging between risks excluded from insurance policies and risks covered by Pool Reinsurance (Pool Re). Pool Re is the default cover on a project where no terrorism insurance is specified ? Pool Re is the insurer of the last resort, underwritten by the Treasury. Possible difficulties in complying with the requirements of its insurance Options A, B and C had previously been highlighted by JCT and the purpose of this update is to avoid them. The terrorism cover update containing the revised provisions and the associated guidance notes is available from www.jctltd.co.uk or www.jctcontracts.com. The changes will be incorporated when the contracts affected ? Standard Building Contract, Design and Build Contract, Management Building Contract, Prime Cost Building Contract, Intermediate Building Contract and Measured Term Contract ? are republished in 2011. ----- Ends ----- Note to editors: Various spokespersons at JCT are prepared to comment upon general news and issues relating to contracts and contractual relationships. However, it may not be possible to comment upon specific disputes and contracts. Please contact Michael Hardware below. For further information, please contact: Michael Hardware, Chelgate PR
The Joint Contracts Tribunal was established in 1931 and has for 78 years produced standard forms of contracts, guidance notes and other standard documentation for use in the construction industry. The Joint Contracts Tribunal is an independent organisation representing all parts of the construction industry and is the leading provider of standard forms of building contract. The following are Members of JCT: British Property Federation Limited and JCT Council is comprised of five Colleges representing: employers/clients (including local authorities) |
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©JCT 2007
The Joint Contracts Tribunal (JCT) is the industry’s foremost contracts producing organisation. It produces standard forms e.g. standard construction contracts, standard building contracts and subcontracts for the construction industry. JCT 2005 suite of contracts includes JCT - Constructing Excellence Contract : Partnering Contract, Framework Agreement, Major Project Construction Contract, Standard Building Contract, Design and Build Contract, Intermediate Building Contract, Minor Works Building Contract, Repair and Maintenance Contract, Collateral Warranties and Partnering Charter. It also produces consumer contracts such as the homeowner building contract.