The JCT issued project bank account documentation in 2010
It would appear that NEC is either behind the curve or alternatively doing things that are hardly newsworthy. It was reported in 黑洞社区 (NEC contracts embrace project bank accounts, 19 April, page 14) that a suite of NEC3 contracts was to be launched which will 鈥渋nclude, for the first time, provisions for the inclusion of project bank accounts鈥� as a 鈥渄irect response to the government鈥檚 initiative on fair payment鈥�. This 鈥渘ews鈥� is rather late - JCT, with the agreement of industry bodies, published its response in 2010 with the issue of the JCT project bank account documentation. It was then reissued as part of the 2011 suite together with a fair payment supplement. As to the NEC contracts being endorsed by the Cabinet Office, this must be erroneous: it does not give endorsements.
Peter Hibberd, chairman, JCT
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