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The formal way of instructing a contractor within a contract to change the scope or nature of the works.
A variation may be to add, alter or omit work from the original scope. This can be due to a change in the employer's requirements, legislative or planning requirements or in order to rectify an error of the contractor or sub contractor. It should address the change and allow both parties to then agree who will be responsible for the time and cost which flow from it.
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Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
UK Solvency II—timeline This timeline shows key developments relating to the UK's Solvency II regime. For earlier developments see Solvency II—timeline (2007–2023) [Archived]. 2025 Date Source Document Description 10 April 2025 PRA Prudential Regulation Authority Business Plan 2025/26 The Prudential Regulation Authority (PRA) has announced its business plan for 2025/2026, outlining its strategic priorities and objectives. The strategy focuses on maintaining the safety and soundness of the banking and insurance sectors, identifying new and emerging risks, supporting competitive and innovative markets, and running an inclusive and efficient regulator. The PRA also mentions work it has already completed, ongoing and future initiatives. Key regulatory initiatives include stress testing in the banking and insurance sector, preparation for the implementation of the Basel 3.1 standards by January 2027 and enhancing operational and cyber resilience. 8 April 2025 PRA PRA launches consultation to help insurers accelerate investment in the UKCP7/25 – Matching Adjustment Investment Accelerator The PRA has published a consultation paper, CP7/25, proposing the introduction of a new framework called the...
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A variation (sometimes referred to as a change) is an alteration to the scope of work originally specified in the contract, whether by way of an addition, omission, or substitution to the works, or through a change to the manner in which the works are to be carried out.The particular nature of the construction process makes the subject of variations important. Inevitably, because the parties cannot anticipate everything which may happen or where a contract is agreed before the design or scope of works are fully finalised, frequent changes are often required. Unless a variation is instructed, a contractor is required to follow the works as originally specified—otherwise it would be in breach of contract.When the employer asks the contractor to vary the work, the variation is being made under the contract rather than to the contract itself. For guidance on changes to the terms of the contract itself, see Practice Note: Contract variation.While touched on briefly below in various parts, for a more detailed analysis of the specific variation...
This Practice Note examines variations under the 1999 editions of the Red, Yellow and Silver Books, the Gold Book 2008 and the Pink Book 2010. For detail on variations under the 2017 editions of the Red, Yellow and Silver Books, see Practice Note: FIDIC contracts 2017—variations.IntroductionUnder all the FIDIC forms of contract the employer is entitled to vary the works by the issue of variations at any time before the issue of the Taking-Over Certificate (the Commissioning Certificate under the Gold Book) without the need for the contractor's agreement. However, the issue of a variation may entitle the contractor to additional payment and extra time within which the contractor must complete the varied works.Under all the FIDIC forms of contract, variations are primarily governed by clauses 13.1 to 13.3, which set out the right to vary the works and the procedure to be followed.What is a variation?A variation is defined as:•'any change to the Works, which is instructed or approved as a variation under Clause 13' (under the Red and...
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Contract cover sheet [insert commercial sensitivity status eg ‘confidential’, ‘privileged and confidential’, ‘restricted’ etc] For internal use only: not to send externally This document is a summary of the main terms of the contract for quick reference only. Do not use it as a basis for making business or legal decisions without checking the terms of the underlying contract and consulting with [insert contract owner or relevant team eg Legal Department]. Internal overview Contract reference: [insert contract reference] Title of contract: [insert contract title] Date: [insert contract date] Description: [insert description of contract] Internal business customer and department: [insert name of internal business customer and department][insert contact details of internal business customer] Contract manager: [insert name of contract manager][insert contact details of contract manager] Contract value: [insert value of contract] Approval required: [yes OR no] [insert details of level of approval required] Approval obtained: [yes OR no] [insert details of obtained approval] Key review dates: [insert details of any key review dates] Contracting...
Records retention schedule 1 Introduction 1.1 This Record retention schedule accompanies and is incorporated into [insert organisation’s name]’s Records management policy. It sets out the time periods that different types of Business Records (as defined in the Records management policy) must be retained for business and legal purposes. [You do need not read the entire retention schedule, but rather should focus on the types of records relevant to your role.] 1.2 The retention periods in the schedule are based on business needs and legal requirements, including our obligation under data protection law not to keep personal data for longer than is necessary. Once a retention period has expired the data or record should be reviewed and destroyed if it is no longer needed. 1.3 If you maintain any types of records that are not listed in this schedule, and it is not clear from the existing record types in this schedule what retention period should apply, please contact [insert who, eg the Data Protection Officer]...
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Three complaints were received by the Advertising Standards Authority (ASA) regarding FX Compared Ltd t/a FXcompared. The complaints were about misleading advertising claims related to savings, commercial intent, and the representation of money transfer providers as the 'best' and 'top providers.' The ASA upheld the complaints.
This week's edition of Corporate Crime weekly highlights includes analysis of the first UK convictions and sentences for breaches of Russian sanctions and of the recently enacted Water (Special Measures) Act 2025 and how it significantly strengthens regulation of the water industry in England and Wales. Also included is news of a UK insurance company charged with failure to prevent bribery in a prosecution brought by the SFO, of the publication of OFSI’s threat assessment report on financial sanctions in the property sector, of corporate manslaughter charges brought against the parent company of a holiday park and of the UK's first INTERPOL Silver Notice issued to trace and recover a fraudster's global assets. All this, and more, in this week’s Corporate Crime highlights.
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