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Depending upon the language in the bid proposal, a subcontracting construction company could make its bid final, and, if accepted, a legally enforceable contract is created. In these circumstances, upon determination by the general contractor that a bid is the lowest offer, it can accept the bid and, upon acceptance, a subcontractor cannot ...
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".
Typical Lump Sum Contract Structure. A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1]
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.
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.
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 ...
Pages in category "Proposed buildings and structures in the Philippines" The following 13 pages are in this category, out of 13 total.
It was granted a 50-year franchise to commission and perform construction works throughout the Philippines. In 1977, Presidential Decree No. 1113 was issued, granting the CDCP a 30-year franchise to operate and maintain the various limited-access toll highways in the Philippines. The CDCP changed its name to its present name in 1983 after the ...