LONDON, Aug. 15, 2024 /PRNewswire/ -- NEC and The Ministry of Economy and Finance (MEF) for Peru have announced a new partnership for the NEC suite of contracts to be adopted as the country's preferred contract framework for infrastructure projects.
Representatives came together to sign a Memorandum of Understanding, leading the way to the publication of an official Spanish translation of the entire NEC4 Contract, user guides and training programmes.
The use of NEC Contracts began in Peru through the Government-to-Government initiative in 2017.? Through its success, NEC has now been used on just under $9billion worth of public projects in Peru.
MEF is partnering with NEC and the UK Government to aid national procurement through collaborative and transparent risk management, improved decision making and a significant reduction in procurement times.
Speaking on the partnership, Global Head of NEC Contracts, Rekha Thawrani OBE said: "It is with great pleasure we sign this agreement with the Government of Peru and continue to further our already strong partnership.
The NEC Contract suite was designed to empower collaboration and foster long lasting relationships, so seeing this shared across the world is a great step in the NEC journey. The upcoming translation of the NEC4 contracts represents our commitment to ensuring ongoing support and wider adoption of the contracts across Latin America."
Speaking on the UK and Peru collaboration, the British Ambassador to Peru, Gavin Cook OBE said,
"This Memorandum of Understanding marks a milestone in our collaboration with Peru to support more transparent and efficient procurement, and to help boost investment in the country. NEC Contracts are a standard in the UK and have provided many benefits, such as collaborative working, dispute reductions and innovation. Their adoption here has already driven huge benefits and I'm delighted that we are leading the way and pushing the first translation of NEC contracts as we integrate these into Peru's procurement system."
The translation of the NEC4 contract suite also aligns with the recent publication of the new Public Procurement Law, supported by the UK Government. This has improved market access conditions by including UK principles on transparency, value for money and a reference to free trade agreements. The new procurement law and the implementation of NEC contracts will open the floor to fairer competition for more UK companies.
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