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A commercial contract is an agreement containing all the work that should be performed for the construction of a commercial building or non-residential building. A skillfully constructed commercial contract can protect both parties' interests, minimize risks, and increase profitability for the contractor.
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
The AIA has acknowledged that design–build is becoming one of the main approaches to construction. In 2003, the AIA endorsed "The architect's guide to design–build services", [4] which was written to help their members acting as design–build contractors. This publication gives guidance through the different phases of the process: design ...
A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable.
The Boston Harbor reclamation project that began in the 1980s became the focus of debate over the legality of PLAs. [12] [13] When the Massachusetts Water Resources Authority elected to use a PLA for the project that mandated union-only labor, [14] the Associated Builders and Contractors of Massachusetts/Rhode Island, Inc. challenged its legality, asserting that the use of a PLA was prohibited ...
The couple signed a $1.3 million contract with a Milwaukee-based contractor, FHM Mechanical LLC, to do the construction and made a verbal agreement to finish the project by the winter of 2023 ...
50 Divisions refers to the 50 divisions of construction information, as defined by the Construction Specifications Institute (CSI)'s MasterFormat beginning in 2004 ...
Subcontractors tend to bear the brunt of retainage provisions, especially subcontractors performing work early on in the construction process. [24] The main reason for this, is because many contractors pass down the owner's right to withhold retainage to the subcontractor, but frequently withhold more than is being withheld from them. [24]
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