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"Time is of the essence" is a term used in contract law in England and Wales (a legal jurisdiction within the United Kingdom), Canada, Australia, New Zealand, other Commonwealth countries and the United States, expressing the need for timely performance of a contractual obligation, [1] i.e. indicating that one or more parties to the agreement must perform by the time to which the parties have ...
Cut off. Also see Reverser handle. A variable device on steam locomotives that closes the steam valve to the steam cylinder before the end of the piston stroke, thus conserving steam while letting steam in the cylinder expand under its own energy. Cutting A channel dug through a hillside to enable rail track to maintain a shallow gradient.
The term "cutoff" refers to the fact that the new line cuts off distance (and/or time) and is, therefore, shorter distance-wise (or time-wise) than the old line. This is often the case, although the primary reason for building the cutoff may be to create a line with a better gradient profile, or other desirable features usually related to efficiency of operation that are lacking in the old ...
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
The Sigurd post office was a CPU contract unit. The U.S. Postal Service says it delivers mail to more than 163 million addresses in the country, covering every state, city and town. There are ...
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
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Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.