The JCT issued project bank account documentation in 2010
It would appear that NEC is either behind the curve or alternatively doing things that are hardly newsworthy. It was reported in Building (NEC contracts embrace project bank accounts, 19 April, page 14) that a suite of NEC3 contracts was to be launched which will “include, for the first time, provisions for the inclusion of project bank accounts” as a “direct response to the government’s initiative on fair payment”. This “news” is rather late - JCT, with the agreement of industry bodies, published its response in 2010 with the issue of the JCT project bank account documentation. It was then reissued as part of the 2011 suite together with a fair payment supplement. As to the NEC contracts being endorsed by the Cabinet Office, this must be erroneous: it does not give endorsements.
Peter Hibberd, chairman, JCT