What s Next For The Canadian Real Estate Industry? - Real Estate and Construction mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
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Following a lengthy and industry wide consultative process, the
Canadian Construction Documents Committee (CCDC) has recently
issued a new CCDC 2 (2020) Stipulated Price Contract. The revised
CCDC 2 has attempted to address some of the more significant
changes that have taken place in the construction industry since
its last version published in 2008.
As an example, as prompt payment and adjudication comes into
play across the country there was a need to update CCDC 2 to better
align the commonly used contract document with industry practices
and legislated requirements.
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The Canadian Construction Documents Committee (CCDC) introduced
an updated version of CCDC 2 this month. CCDC 2 is a stipulated
price contract commonly used in the Canadian construction industry.
As the CCDC documents cannot be edited, it is a common practice for
parties to update the base CCDC documents with “supplementary
conditions.”
Most of the updates to CCDC 2 account for required updates due
to
prompt payment legislation introduced or planned in several
Canadian provinces, and common modifications made to CCDC 2
through supplementary conditions. CCDC would prefer if parties did