Webinar: Assuring Plant, Material and Equipment Costs under NEC4
Date: 5 November 2025 Time: 11 AM (1 hr)
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In this webinar we will share how to review Plant and Materials and Equipment costs using a smart, risk-based approach. Rather than checking every transaction, we will focus on understanding the NEC rules, the environment in which costs are prepared and reported, and the use of intelligent data analysis to identify the areas of greatest risk. You will get an overview of how to design targeted tests, evaluate records pragmatically, and report findings in a way that delivers assurance efficiently and effectively.
We will:
- Provide an overview of main Options C and E and the basis of payment of Defined Cost
- Outline the Schedule of Cost Components covering Equipment, Plant and Materials
- Clarify the NEC distinction between Plant and Materials and Equipment under NEC contracts
- Discuss record keeping requirements in the contract, including scope requirements and potential Z clause amendments
- Explain how to use data analysis and visualisation to interrogate the data, and how combining this with an understanding of the project context, underlying accounting systems and processes enables us to identify areas of greatest risk and where testing should focus
- Provide guidance on evaluating the records and reporting
- Highlight common risks we come across and how to spot Disallowed Cost
Partners
The Orange Partnership
The UK’s leading cost assurance provider on NEC Defined Cost contracts.
Qualified accountants and commercial specialists driving accurate, transparent costs.
Resolving complex issues efficiently.
Virtual
Product code: L07112
Event Speakers
Darren Ward , Managing Director, The Orange Partnership
Darren Ward is the founder and Managing Director of specialist Chartered Accountancy practice, The Orange Partnership Limited.
Pragmatic, passionate and down to earth, he has vast experience delivering assurance assignments over the last 20 plus years on major capital projects across sectors including rail, aviation, water, rail, nuclear and oil & gas.
He is a Fellow of the Institute of Chartered Accountants in England and Wales, Audit Qualified and “Big 4” trained. He worked for BAA as Head of Supply Chain Commercial Management for 5 years on the Terminal 5 programme. Here, he was responsible for setting up and renegotiating open book contracts across the entire project supply chain, worth £4bn.
Since then, Darren has led the scoping and delivery of over 2000 assurance assignments on reimbursable style contracts, predominantly NEC based. His unique concentration of expertise combining audit and forensic accountancy skills with an in-depth knowledge on all matters both commercial and contractual in construction means he is able to unpick complex cost and commercial issues quickly. Over the last few years Darren has delivered numerous training courses and written many papers on practical ways to inspect and audit Defined Cost.
Ian Heaphy, Director, IN Construction Consulting and Member, NEC Contract Board
Ian has over 30 years of experience in the construction industry, including aviation, oil & gas, rail, water, highways and building. He has worked with clients in the UK, Europe, Middle East, Far East, North America and Australia including government bodies, private sector employers and contractors.
Ian specialises in the development of innovative procurement strategies with particular expertise around partnering, alliancing and target cost contracts.
Ian is a member of the NEC4 Contract Board has been directly involved in drafting and shaping the fourth generation of NEC contracts.
In addition to his NEC and procurement work Ian also acts as adjudicator, dispute resolver and quantum Expert Witness.
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