Contractors may be compensated for inflation of more than 15%, but this threshold will be reduced to 3-10%.
MINISTER FOR PUBLIC Expenditure Paschal Donohoe and Minister of State with responsibility for Public Procurement Ossian Smyth have announced amendments to the Public Works Contract to ensure that contractors will face less financial risk from increasing building material costs.
In an example given by Donohoe’s department, a local authority could set the price variation for a project at 5% in its contract with a developer. “Improving the risk/reward balance of public works contracts through the introduction of caps on liability and reform of the price variation mechanisms will encourage a greater level of competition for public works tenders,” he said.“This will lead to an improved quality of bids received and maximise value-for-money, key priorities for my department in delivering the National Development Plan.”
Building Information modelling is a process which takes into account the environmental impacts of decisions made about material selection, foundation design and energy use and production.
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