As the construction industry continues to evolve, it is essential for contractors and legal practitioners to keep themselves updated with the latest trends in the industry. This is where the NBS National Construction Contracts and Law Survey comes in handy.
The NBS National Construction Contracts and Law Survey is an annual report that provides insights into the current state of the construction industry. The survey covers a wide range of topics, including project procurement, dispute resolution, and contract usage.
One of the key findings of the 2020 survey was the increasing use of collaborative contracts, with the use of Integrated Project Insurance (IPI) increasing by 8% since 2019. This highlights the industry`s shift towards a more collaborative approach to project delivery, which can lead to increased efficiencies and reduced risk.
The survey also revealed that there has been an increase in the use of dispute resolution methods such as mediation and adjudication, with the use of arbitration decreasing slightly. This suggests that parties are becoming more willing to resolve disputes without resorting to costly and time-consuming litigation.
Another interesting finding from the survey was the increase in the use of digital tools and platforms, particularly in the wake of the COVID-19 pandemic. With many construction projects being delayed or disrupted due to the pandemic, the use of digital tools such as Building Information Modelling (BIM) and virtual design and construction (VDC) has become more prevalent.
For legal practitioners, the survey provides valuable insights into the current trends and practices within the industry. It sheds light on the most commonly used contracts and clauses, as well as the most prevalent disputes and issues faced by contractors.
The NBS National Construction Contracts and Law Survey is also a useful resource for contractors and project managers, as it can help them to identify areas for improvement and stay informed about the latest industry developments. By keeping up to date with the latest trends and best practices, contractors can ensure that their projects are delivered on time and within budget.
In conclusion, the NBS National Construction Contracts and Law Survey is an essential tool for anyone working in the construction industry. By providing valuable insights into the current state of the industry, the survey can help contractors, legal practitioners, and project managers to stay informed and competitive in an ever-evolving industry.