JCT used the occasion of its annual Construction Industry Parliamentary Reception to celebrate and acknowledge the work of its members in producing the latest addition to the JCT contract suite, the JCT Target Cost Contract, and concluding the publication of all documents within the JCT 2024 Edition.
The reception, which took place on Friday 13 June at The House of Commons Terrace Pavilion, is an exclusive event for JCT’s members and guests, celebrating achievement in the built environment and highlighting the hard work of those from across all sectors of the industry that contribute to JCT and its success.
In her welcome address, JCT chair, Karen Kirkham, provided more information about the forthcoming release of the Target Cost Contract family.
The documents will include a main contract, sub-contract, and their respective guides, which will be released on 25 June.
A Target Cost Contract hub, available on the JCT corporate website, is also live, containing a range of information for those working with the Target Cost Contract for the first time.
In addition to an introductory article explaining the key elements of the new contract, the hub (following the release of the contract) will also feature worked examples, supporting video commentary for worked examples, and more information.
A launch event for the Target Cost Contract, aimed at providing a more detailed explanation of the contract family is being planned for after the summer.
Karen Kirkham, said:
“It has been an exciting last 12 months for JCT as we have seen the release of the 2024 Edition of Contracts and its uptake by the industry.
“Our members can be extremely proud of the work that has gone into produce this latest Edition, demonstrating once again their commitment to ensuring that JCT remains the standard-bearer for contracts in the construction industry.
“As we conclude the publication of the JCT 2024 Edition, the release of a brand new form – the Target Cost Contract – represents our continuing work in listening to the industry and ensuring we meet and adapt to its needs.”