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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 "uninhabitable and dangerous".
Read more The post 15 Common Mistakes People Make at Auctions appeared first on Wealth Gang. There’s just something about the energy in the room when the gavel strikes down to seal a deal.
Phantom auctions, in the real estate industry, may occur when the bank "tentatively" auctions a foreclosed home and gives bidders an option to give "preliminary bids" for homes that are not yet authorized for auction. If the reserve bids are not met, the home is updated as "never was available for auction" even though bids were received.
For business auctions, the term refers to a specific type of auction process (also called e-auction, sourcing event, e-sourcing or eRA, eRFP, e-RFO, e-procurement, B2B Auction). Open procurement processes, which are a form of reverse auction, have been commonly used in government procurement and in the private sector in many countries for many ...
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Nancy Crow and her husband, John Stitzlein, live on a 218-acre farm in Liberty Township in northern Fairfield County, one that grows thick with hay and corn and soybeans and memories.. A 1,000 ...
Since most auctions involve at least some amount of common value, and some degree of uncertainty about that common value, the winner's curse is an important phenomenon. In the 1950s, when the term winner's curse was first coined, there was no accurate method to estimate the potential value of an offshore oil field. So if, for example, an oil ...
The traditional procurement method is the most common construction delivery method. This process begins with an owner selecting an architect to prepare construction documents. These are prepared using drafting standards such as the NEC Engineering and Construction Contract or (formerly) the Institution of Civil Engineers ' (ICE) Conditions of ...
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