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The difference between this type of contract which is a cost-based contract with lump-sum contract is that in guaranteed maximum price (GMP), if there is any savings resulted from cost under runs, then that would be stipulated price contract, and the contractors will keep the savings obtained from the cost under runs for themselves and there is ...
A construction buyer will seek quotes on prices and availability of materials from a variety of suppliers, and manage and report on the accumulative cost of all new purchases. Also required of a buyer is ensuring that all materials comply with health and safety guidelines, and that the project estimator is fully briefed on the cost of materials ...
An initial down payment from the buyer to the seller is usually also required. The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more ...
Money is the most common form of consideration, but other consideration of value, such as other property in exchange, or a promise to perform (i.e. a promise to pay) is also satisfactory. Notarization by a notary public is normally not required for a real estate contract, but many recording offices require that a seller's or conveyor's ...
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 ...
What is the difference between a co-signer and a co-borrower? There are two types of parties that can apply for a loan alongside the primary borrower: a co-signer and a co-borrower .
The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the UK Institution of Civil Engineers that guides the drafting of documents on civil engineering, construction and maintenance projects for the purpose of obtaining tenders, awarding and administering contracts.
Both buyers and sellers incur some form of closing costs, but many items can be negotiated. ... This typically comes to somewhere between 2.5 and 3 percent of the home’s sale price, per agent ...