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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 second contract is the owner-contractor contract, which involves construction. An indirect third-party relationship exists between the designer and the contractor, due to these two contracts. An owner may also contract with a construction project management company as an adviser, creating a third contract relationship in the project.
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] It creates an improved communication and relationship between the design team, contractor, and the owner. [8] [9]
Management contract companies have information on business finance also. This puts the business in a vulnerable position. Hiring an outside contractor makes it difficult for the business to foresee the number of conflicts that can occur. For example, a business owner hires a contract management company for the operations of the company.
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
The building owner has a single contract with this joint venture. The contractor leads the joint venture so in supervising the subs, the architect might defer to the contractor. The architect bears the same risk as they do in the traditional approach but has more control in IPD, even if they were to defer to the contractor.
Design–bid–build (or design/bid/build, and abbreviated D–B–B or D/B/B accordingly), also known as Design–tender (or "design/tender"), traditional method, or hardbid, is a project delivery method in which the agency or owner contracts with separate entities for the design and construction of a project.
Contractor management implements a system that manages contractors' health and safety information, insurance information, training programs and specific documents that pertain to the contractor and the owner client. Most modern contracts require the effective use of contract management software to aid administration between multiple parties.