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What is the basis of calculation of compensation for prolongation?

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تم إضافة السؤال من قبل Abdul Wahab Mohamed Azmy , Chief Accountant , Bahrain Development Centre
تاريخ النشر: 2014/12/21
Alex Al Yazouri
من قبل Alex Al Yazouri , General Manager , Al Mushref Cooperative Society

Compensation for prolongation shall be assessed based on work that actually done unless otherwise expressly provided in the contract (e.g. by evaluation based on contract rates).

The objective is to put the Contractor in the same financial position it would have been if the Employer Risk Event had not occurred.

Krishnan Kallippal
من قبل Krishnan Kallippal , Manager Finance and Internal Audit , KAEFER L.L.C

Calculation of Compensation for prolongation can't be assessed in advance in usual practice. In common such clause should be in written contract while it has being executed. Other wise it should be calculated on the basis of mutual agreement between the parties who has executed the contract by considering the market price fluctuation occurred beyond the contractual period and terms. otherwise it has to be treated  as a risk factor while its execution itself.

 

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