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The owner, often referred to as the 'employer' or the 'client', [1] has full authority to decide what type of contract should be used for a specific development to be constructed and to set out the legally-binding terms and conditions in a contractual agreement. [2] A construction contract is an important document as it outlines the scope of ...
A Contractor under a lump sum agreement will be responsible for the proper job execution and will provide its own means and methods to complete the work. [ 6 ] With a lump sum contract or fixed-price contract , the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
The Boston Harbor reclamation project that began in the 1980s became the focus of debate over the legality of PLAs. [12] [13] When the Massachusetts Water Resources Authority elected to use a PLA for the project that mandated union-only labor, [14] the Associated Builders and Contractors of Massachusetts/Rhode Island, Inc. challenged its legality, asserting that the use of a PLA was prohibited ...
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 ...
Jacob & Youngs, Inc. v. Kent, 230 N.Y. 239 (1921) is a case about a builder who used the wrong kind of piping in the construction of a house and the homeowner refused to pay. The court held that the builder was entitled to payment, as he had substantially performed the work, but the builder was subject to a deduction in payment for the ...
The United States Postal Service and the union representing nearly 200,000 mail carriers came to a tentative agreement on a new contract Friday. The agreement, which covers work from 2023 until ...
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 ...
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