Public Works Contracts in Ireland: GN1.5.2 - Price Variation (PV) Clause

This episode of Public Works Contracts in Ireland delves into Guidance Note GN1.5.2, unpacking the complexities of the Price Variation (PV) clause within public works contracts. We explore how the PV clause addresses cost fluctuations in materials, labor, and other key project expenses, providing both the client and contractor with a structured approach to managing inflation or deflation risks. The episode covers the different types of PV clauses, conditions for application, and how adjustments are calculated to ensure fair and balanced contract pricing. This session is essential for understanding how public works contracts remain financially resilient in a fluctuating market.