Assessment date
The date on which the amount due is assessed under the relevant NEC payment mechanism.
by Jack Butler-Kettle · About 1 min readShare
Further detail
Read this alongside the NEC Dictionary of Terms and section 110 of the Housing Grants, Construction and Regeneration Act 1996.
An assessment date fixes the point at which the amount due is evaluated under the relevant NEC payment mechanism. It is distinct from the due date and final date for payment. The contract form, Contract Data and amendments determine the actual sequence.
Keep application and assessment dates in the same register without treating them as interchangeable. Our Subcontract payment assessments service connects the valuation records to the applicable assessment date.
Sources
- NEC Dictionary of Terms. NEC Contracts.
- Housing Grants, Construction and Regeneration Act 1996, s 110 (Dates for payment). legislation.gov.uk.