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In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3] The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner.
Damages may include the cost to repair or complete the work in accordance with the contract documents, or the value of lost or damaged work. [4] In addition to the compensatory damage, an owner can also seek for consequential damages (sometimes referred to as "indirect" or "special" damages), which include loss of product and loss of profit or ...
Construction law builds upon general legal principles and methodologies and incorporates the regulatory framework (including security of payment, planning, environmental and building regulations); contract methodologies and selection (including traditional and alternative forms of contracting); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
In construction contracting, a latent defect is defined as a defect which exists at the time of acceptance but cannot be discovered by a reasonable inspection. [ 2 ] In the 1864 US case of Dermott v Jones, the latent defect lay in the soil on which a property had been built, giving rise to problems which subsequently made the house ...
The measure of such damages can be complex, but the starting position is to put the injured party in the same position (so far as money can accomplish) as if the contract had been correctly performed [1] For example, a book on "Building Contract Claims" lists the following "more common heads of loss": [2] On-site establishment costs
Report relayed of a tree snapped and minor debris on Game Land Road. 7:30 a.m. Thursday: Beaufort County Sheriffs Office reported property damage from a tornado on Driftwood Drive on Daufuskie Island.
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