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Occasionally, the main contractor may act as sole trustee (the Single Authority). The basis of the contract is that each activity in the building programme of works has a price allocated to it, so that interim payments can be made as each activity or group of activities is completed. Option Y(UK)1: Project Bank Account; Option Y(UK)2: The Housing Grants, Construction and Regeneration Act 1996; Option Y(UK)3: The Contract (Rights of Third Parties) Act 1999; Chapter 5 Schedule of Cost Components (SCC) Chapter 6 Short Schedule of Cost Components (SSCC) Appendix 1 Contract start-up checklist Appendix 2 Contract close down checklist Option Y(UK)1: Project Bank Account; Option Y(UK)2: The Housing Grants, Construction and Regeneration Act 1996; Option Y(UK)3: The Contract (Rights of Third Parties) Act 1999 ; Chapter 5 Schedule of Cost Components (SCC) Chapter 6 Short Schedule of Cost Components (SSCC) Appendix 1 Contract start-up checklist Appendix 2 Contract close down checklist Appendix 3 Example … Contact us. Y(UK)1 Project Bank Account Y(UK)2 The Housing Grants, Construction and Regeneration Act 1996 The Contracts (Rights of Third Parties) Act 1999 Z Additional conditions of contract Schedule of Cost Components Short Schedule of Cost Components Project Bank Account Amendments have been made to Option Y(UK)1 Project Bank Account within the Supply Contract and the main forms of subcontract to remove the form of Trust Deed and Joining Deed. Question 5.1 We wish to make use of a Project Bank Account. Skip to main content. Free Practical Law trial. Already registered? acceleration, 36. Free trial. It can be used for appointing project managers, supervisors, designers, consultants or other suppliers under NEC contracts and can also be used for appointing suppliers on non-NEC construction projects or for non-construction projects. Search: Search all titles. NEC4 overview: key changes and impacts London, September 2017 2. A note on using and amending the NEC4 Engineering and Construction Contract (ECC). Our Customer Support team are on hand 24 hours a day to help with queries: +44 345 600 9355 Contact customer support. A ring-fenced bank account with trust status is then set up. DOI link for NEC4: 100 Questions and Answers. abbreviations, xi. Search all titles. Can we do this with an NEC4 contract? We note that the NEC4 Engineering and Construction Contract does not include provision for retention on payments to the Contractor. Search all collections . These update the popular NEC3 suite of documents and have been ... (Project Bank Account, Construction Act 1996 and Third Party Rights Act 1999); Schedule and Short Schedule of Cost Components; and Contract Data Parts 1 and 2.