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The owner, often referred to as the 'employer' or the 'client', [1] has full authority to decide what type of contract should be used for a specific development to be constructed and to set out the legally-binding terms and conditions in a contractual agreement. [2] A construction contract is an important document as it outlines the scope of ...
Depending upon the language in the bid proposal, a subcontracting construction company could make its bid final, and, if accepted, a legally enforceable contract is created. In these circumstances, upon determination by the general contractor that a bid is the lowest offer, it can accept the bid and, upon acceptance, a subcontractor cannot ...
With a lump sum contract or fixed-price contract, the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings. At pre-tender stage the contractor evaluates the cost to execute the project (based on the above documents such as drawings, specifications, schedules, tender instruction and ...
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.
The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin. It is essentially the same as what is known (especially in the U.S.) as a cost-plus contract. This contract form is popular to ensure that a competitive price is obtained, for instance in cases where tender competitions are impractical.
Construction management contract is between the investor and the builder. This is for use on construction projects. This contract is usually appointed by the client (investor) in the early stage. The relationship between the client and the management contractor usually covers both the work of pre-construction and construction activities. [12]
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