The Joint Building Contracts Committee (JBCC) has completed a revision of the industry’s most essential documentation: the JBCC Principal Building Agreement.
The revised agreement includes new stipulations to expedite prompt payment, as well as a rewording of aspects covering suspension, termination, dispute resolution, and penalties. According to Uwe Putlitz, CEO of JBCC, the committee and its constituent members felt the time had come to issue a revised agreement. Noteworthy among the changes for the 2018 editions are:- The adaptation of the text for easier reading with fewer cross-references;
- Revised layout of the contract data;
- Revision of certain definitions; and
- Rewording of clauses relating to insurances and payments.