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A punch list is a document prepared during key milestones or near the end of a construction project listing works that do not conform to contract drawings and specifications that the general contractor must correct prior to final payment. [1] The work may include incomplete or incorrect installations or incidental damage to existing finishes ...
A turn-off notice issued by a utility service provider. A turn-off notice, cut-off notice, or shut-off notice is a warning letter sent out by the provider of a service for a residence or other building, such as utility, phone service, or cable television, that if payment is not sent by the date indicated in the notice, the service will be interrupted.
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3]
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 ...
"Time is of the essence" is a term used in contract law in England and Wales (a legal jurisdiction within the United Kingdom), Canada, Australia, New Zealand, other Commonwealth countries and the United States, expressing the need for timely performance of a contractual obligation, [1] i.e. indicating that one or more parties to the agreement must perform by the time to which the parties have ...
In construction projects, besides other projects where a schedule is being used to plan work, delays are likely to happen all the time. Delays in construction projects are frequently expensive, since there is usually a construction loan involved which charges interest, management staff dedicated to the project whose costs are time dependent ...
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