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  2. New Engineering Contract - Wikipedia

    en.wikipedia.org/wiki/New_Engineering_Contract

    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.

  3. Option fee - Wikipedia

    en.wikipedia.org/wiki/Option_fee

    The residential real estate industry in Texas is unique in that the real estate sales contract forms used in most transactions in the state are developed through a state agency, the Texas Real Estate Commission (TREC). TREC's Broker-Lawyer Committee develops standard contract forms and addenda which are promulgated by the Commission.

  4. Texas Real Estate Commission - Wikipedia

    en.wikipedia.org/wiki/Texas_Real_Estate_Commission

    The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...

  5. Construction contract - Wikipedia

    en.wikipedia.org/wiki/Construction_contract

    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.

  6. Early contractor involvement - Wikipedia

    en.wikipedia.org/wiki/Early_contractor_involvement

    The model was first studied in 1976 and studies through the 1990s showed that adopting such a model could generate 10% savings on project time and 7% on cost. [6] The wider adoption of ECI was a recommendation of the 1994 Latham Report into systemic failings in the British construction industry; the practice became increasing popular during the early 2000s.

  7. Construction law - Wikipedia

    en.wikipedia.org/wiki/Construction_law

    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 ...

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