Y options Definition

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GLOSSARY

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What does Y options mean?

These are optional clauses in NEC3/NEC4 contracts (known as secondary options). Option Y(UK)1 covers the use of a project bank account in relation to the works. Option Y(UK)2 ensures that the contract's payment provisions comply with the Housing Grants, Construction and Regeneration Act 1996. Option Y(UK)3 allows a third party to a contract (eg a tenant or purchaser) to enforce terms of the contract in certain circumstances under the Contracts (Rights of Third Parties) Act 1999. See also W options, X options and Z clauses.

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Construction Glossary—W

Construction Glossary—W A B C D E F G H I J K L M N O P Q R S T U V W X Y Z W options These are the clauses in NEC3/NEC4 contracts concerning dispute resolution. One of the two options W1 or W2 must be selected in the NEC3 form. Where the NEC4 form is used, one of the three options W1, W2 or W3 must be selected. For more information, see Practice Note: NEC contracts—dispute resolution. See also X options, Y options and Z clauses. Waiver Where one party, by its conduct or inaction, voluntarily agrees not to enforce a legal right or to require the other party to perform an obligation, eg waiver of a contractual term requiring all notices to be in made in writing. A waiver can be made before or after the relevant breach of contract. See Practice Note: Contract variation. Whole agreement clause Whole agreement clauses are usually part of the boilerplate terms...

Construction Glossary—Z

Construction Glossary—Z A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Z clauses These are bespoke clauses, or amendments to the standard form clauses, added to NEC3/NEC4 contracts by the parties. The NEC recommends that users amend their contracts as little as possible, but it

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