The Joint Contracts Tribunal (“JCT”) has recently announced its next update to its suite of contracts will be the JCT 2024 Edition.
The JCT 2016, its current edition, is the most widely used suite of standard forms of construction contract in the UK construction industry, including its online service.
The new JCT 2024 Edition, will include updates and changes to the following JCT “Workstreams”:
Legislation Revisions – covering the new major updates to the Building Safety Act, The Housing Grants Construction and Regeneration Act (HGCRA) – in particular termination accounting and payment provisions and new insolvency grounds reflecting the Corporate Insolvency and Governance Act 2020.
The New JCT Target Cost Contract – the introduction of a new contract family, namely the JCT Target Cost Contract which will include a Main Contract, Sub-Contract and accompanying guide for the Target Cost Contract.
Future Proofing – including changes to reflect the objectives of the Construction Playbook, and the incorporation of previously optional supplemental provisions relating to Collaborative Working, and Sustainable Development and Environmental Considerations, into the main document.
In addition to the above, it’s last key workstream will be “modernising and streamlining” covering an increased flexibility around the use of electronic notices.
If you would like to discuss anything mentioned in this article, please call our specialist team of Construction Lawyers on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be very happy to assist.