The Risk of Volatile Prices on a Building Project

/ Contractual Issues, Fluctuations, JCT Network

Blog author: Peter Hibberd In September 2021, the Bank of England stated that inflation may reach 4% by the end of that year. The talk, by some, that this was alarmist and that we should not overreact to rising prices is now seen to be way off beam. General inflation has increased significantly since then and in September 2022 it had risen to circa 10% according to ONS. How wrong can one be! The construction materials indices are even more variable and reflect price increases…

Managing Construction Price Inflation

/ Contractual Issues, Fluctuations

Blog Authors: Sarah Elliott and Suzanne Reeves  – Wedlake Bell The construction industry has had to mitigate the effects of Brexit and COVID-19 and is now beset with additional inflationary pressures in the wake of the war in Ukraine. Unfortunately, inflation is unlikely to be brought under control in the short term and will be with the industry for some time to come. This means that businesses across the supply chain need to find ways to manage the risks of cost escalation over the life…