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Johnson v Gore Wood & Co [2002] 2 AC 1, 49, (a case actually concerning "reflective loss" in UK company law) it was said contract breaking is an ‘incident of commercial life which players in the game are expected to meet with mental fortitude’ Peevyhouse v. Garland Coal & Mining Co., 382 P.2d 109 (Okl. 1962) Tito v Waddell (No 2) [1977] Ch 106
Construction law builds upon general legal principles and methodologies and incorporates the regulatory framework (including security of payment, planning, environmental and building regulations); contract methodologies and selection (including traditional and alternative forms of contracting); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
Hyundai were shipbuilders who entered into a contract dated 10 April 1972 with North Ocean Shipping to build an oil tanker named the "Atlantic Baron". [1] The price for constructing the ship was payable in five instalments, and the builders had agreed to a reverse letter of credit, for repayment of installments in the event of default on the construction.
Jacob & Youngs, Inc. v. Kent, 230 N.Y. 239 (1921) is an American contract law case of the New York Court of Appeals with a majority opinion by Judge Benjamin N. Cardozo.The case addresses several contract principles including applying the doctrine of substantial performance in preventing forfeiture and determining the appropriate remedy following a partial or defective performance.
In the 2015 case of Unaoil Ltd v Leighton Offshore PTE Ltd., a Memorandum of Understanding (MoU) between the two parties detailed plans for Leighton to sub-contract work to Unaoil if they won a bid for a construction and engineering contract. The MoU included an agreement on liquidated damages.
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.
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The arbitrator who first dealt with Davis Contractors' claim held that "the footing of the contract was removed" and therefore the original contract had come to an end. [1] On referral to the House of Lords, the Lords held that although the performance of the contract had become more onerous, it was not frustrated.
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