directive Archives * erp.irs.kg.gov.ng

8+ Keys: What is a Construction Change Directive? Guide

A written instrument authorizing alterations to the original contract documents before complete agreement on adjustments to cost or schedule is reached. It directs the contractor to proceed with a modification to the work. For example, if unforeseen site conditions necessitate a different foundation design, this instruction allows work to continue without delay while the final cost impact is being negotiated.

This mechanism offers crucial flexibility in dynamic building projects. It mitigates delays that can arise from protracted negotiation over changes, keeping the project progressing towards completion. Historically, it emerged as a solution to address the inherent uncertainties and complexities common in large-scale developments, providing a structured approach to managing evolving requirements and unexpected issues.

8+ EU: What is Insurance Distribution Directive (IDD)?

The European Union’s regulatory framework designed to enhance consumer protection and promote fair competition in the sale of insurance products is known as the Insurance Distribution Directive (IDD). This legislation sets minimum standards for how insurance products are marketed, sold, and advised upon across the EU, ensuring consistency and transparency. It applies not only to insurance companies but also to intermediaries, such as brokers and agents, and anyone else involved in the distribution of insurance, including those selling insurance as an ancillary service.

This regulatory initiative has several key aims, including increased transparency regarding pricing and product features, ensuring that distributors act in the best interests of the consumer, and enhancing the level of professional competence among distributors. Furthermore, it seeks to level the playing field across the insurance industry, fostering a more competitive market. Its genesis lies in the need to adapt to the evolving digital landscape and the increasingly complex nature of insurance products, addressing issues that were not adequately covered by previous directives and promoting greater harmonization within the EU single market.