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A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...
Obtaining construction loans are easier with this type of contract. [9] [8] The profit margins and percentages are greater for engineers and contractors. [8] [9] Payments and instalments are made on regular basis which provides the contractor with a reliable cash flow. [8] [9] Management of the contract is a lot easier for the owner. [8] [9]
An example of how houses in the Philippines must not be built: No structural columns, no extruding column steel reinforcements to secure the roof, cracked walls even during construction phase which is indicative of improper construction materials. As the Philippines lies within the Pacific Ring of Fire where earthquakes and eruptions are more ...
Judicial precedents of the Philippine Supreme Court were accepted as binding, a practice more attuned to common law jurisdictions. Eventually, the Philippine legal system emerged in such a way that while the practice of codification remained popular, the courts were not barred from invoking principles developed under the common law, [1] or from ...
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .
The Department of Public Works and Highways (Filipino: Kagawaran ng mga Pagawain at Lansangang Bayan), abbreviated as DPWH, is the executive department of the Philippine government solely vested with the mandate to “be the State's engineering and construction arm” and, as such, “tasked to carry out the policy” of the State to “maintain an engineering and construction arm and ...
Construction cost management is a fee-based service in which the construction manager (CM) is responsible exclusively to the owner, acting in the owner's interests at every stage of the project. The construction manager offers impartial advice on matters such as: Optimum use of available funds; Control of the scope of the work; Project scheduling
This the Civil Code itself notably recognises in saying that "[j]udicial decisions applying or interpreting the laws or the Constitution shall form a part of the legal system of the Philippines" (Article 8, Civil Code), a recognition of the eminent role now played by precedents in Philippine law.