Thanks for the answer to my original question. Continuing along the same line I understand compensation events are assessed based up the actual defined cost, the forecast defined cost and the appropriate fee percentage. With my original question relating to weather, the compensation event was to be based on actual defined cost and there was no need to forecast defined costs, and therefore excluding specific people rates is not an issue. What happens when compensation events occur at an early stage of a Project and you are required to forecast defined cost which has not been incurred previously and is not based upon a pre-agreed rate?
I thought compensation events were not "loss and expense" in that you did not have to identify actual cost to justify entitlement, and also I thought the purpose of a SSCC was to simplify the assessment process by having rates agreed therefore reducing disputes and preventing the justification/substantiation of an assessment being overly laborious?
Any thoughts gratefully received.
I thought compensation events were not "loss and expense" in that you did not have to identify actual cost to justify entitlement, and also I thought the purpose of a SSCC was to simplify the assessment process by having rates agreed therefore reducing disputes and preventing the justification/substantiation of an assessment being overly laborious?
Any thoughts gratefully received.