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Construction Contract
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 owner, often referred to as the 'employer' or the 'client', 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. A construction contract is an important document as it outlines the scope of work, risks, duration, duties, deliverables and legal rights of both the contractor and the owner. Types There are three main types of construction contract, identified according to the mechanism for calculating the sum due to be paid by the employer: lump sum contracts, re-measurement contracts and cost-reimbursable contracts. The different types vary primarily with regard to who takes the risks involved, which party has to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Engineering, Procurement And Construction
Engineering, procurement, and construction (EPC) contracts (a type of turnkey contract) are a form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects. Overview Under an EPC contract, a contractor is obliged to deliver a complete facility to a developer who needs only "turn a key" to start operating the facility; hence EPC contracts are sometimes called turnkey construction contracts. In addition to delivering a complete facility, the contractor must deliver that facility for a guaranteed price by a fixed date and it must perform to the specified level. Failure to comply with any requirement will usually result in the contractor incurring monetary liabilities. 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. Various abbreviations used for this type of contract are ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lump Sum Contract
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. This type of contract requires a full and complete set of plans and specifications and includes all the indirect costs plus the profit and the contractor will receive progress payments each month minus retention. The flexibility of this contract is very minimal and changes in design or deviation from the original plans would require a change order paid by the owner. In this contract the payment is made according to the percentage of work completed. The lump sum contract is different from guaranteed maximum price in a sense that the contractor is responsible for additional costs beyond the agreed price, however, if the final price is less than the agreed price then the contractor will gai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Contracts Tribunal
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry in the United Kingdom. From its establishment in 1931, JCT has expanded the number of contributing organisations. Following recommendations in the 1994 Latham Report, the current operational structure comprises seven members who approve and authorise publications. In 1998 the JCT became a limited company. Members The members were listed by the JCT in 2014 as: # the British Property Federation, # the Contractors Legal Group, comprising: #* the National Federation of Builders, #* the UK Contractors Group, #* the National Access and Scaffolding Confederation and #* the Scottish Building Federation; # the Local Government Association, # the National Specialist Contractors Council, # the Royal Institute of British Architects, # the Royal Institution of Chartered Surveyors and # the Scottish B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Construction Contracts
Australian Construction Contracts govern how the parties to a construction contract behave and how the project manager and the contract manager administer the relationship between the parties. There are several popular standard forms of construction contracts that are currently used in Australia. Forms of Contract Australian Building Industry Contract – ABIC MW-1 – Major works contract ;General This contract has been developed jointly by the Royal Australian Institute of Architects and thMaster Builders Australia Inc.and supersedes the Joint Contracts Committee (JCC) contracts, which are now withdrawn. It claims to use plain English and to involve less risk to architects than the ABS contract. It is recommended for use on building works of a major nature ($250,000 to $25million) where an architect is engaged to administer the contract. In its present form it does not appear to have any advantages over the ABS contracts. ;Variations A maximum percentage for the Contractor' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brickwork
Brickwork is masonry produced by a bricklayer, using bricks and mortar. Typically, rows of bricks called '' courses'' are laid on top of one another to build up a structure such as a brick wall. Bricks may be differentiated from blocks by size. For example, in the UK a brick is defined as a unit having dimensions less than and a block is defined as a unit having one or more dimensions greater than the largest possible brick. Brick is a popular medium for constructing buildings, and examples of brickwork are found through history as far back as the Bronze Age. The fired-brick faces of the ziggurat of ancient Dur-Kurigalzu in Iraq date from around 1400 BC, and the brick buildings of ancient Mohenjo-daro in Pakistan were built around 2600 BC. Much older examples of brickwork made with dried (but not fired) bricks may be found in such ancient locations as Jericho in Palestine, Çatal Höyük in Anatolia, and Mehrgarh in Pakistan. These structures have survived from the Stone Ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Skirting Board
In architecture, a baseboard (also called skirting board, skirting, wainscoting, mopboard, trim, floor molding, or base molding) is usually wooden or vinyl board covering the lowest part of an interior wall. Its purpose is to cover the joint between the wall surface and the floor. It covers the uneven edge of flooring next to the wall; protects the wall from kicks, abrasion, and furniture; and can serve as a decorative molding. At its simplest, baseboard consists of a simple plank nailed, screwed or glued to the wall; however, particularly in older houses, it can be made up of a number of moldings for decoration. A baseboard differs from a wainscot; a wainscot typically covers from the floor to around 1-1.5 m high (waist or chest height), whereas a baseboard is typically under 0.2 m high (ankle height). Plastic baseboard comes in various plastic compounds, the most common of which is UPVC. It is usually available in white or a flexible version in several colors an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plastering
Plasterwork is construction or ornamentation done with plaster, such as a layer of plaster on an interior or exterior wall structure, or plaster decorative moldings on ceilings or walls. This is also sometimes called pargeting. The process of creating plasterwork, called plastering or rendering, has been used in building construction for centuries. For the art history of three-dimensional plaster, see stucco. History The earliest plasters known to us were lime-based. Around 7500 BC, the people of 'Ain Ghazal in Jordan used lime mixed with unheated crushed limestone to make plaster which was used on a large scale for covering walls, floors, and hearths in their houses. Often, walls and floors were decorated with red, finger-painted patterns and designs. In ancient India and China, renders in clay and gypsum plasters were used to produce a smooth surface over rough stone or mud brick walls, while in early Egyptian tombs, walls were coated with lime and gypsum plaster and the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Which?
''Which?'' is a United Kingdom brand name that promotes informed consumer choice in the purchase of goods and services by testing products, highlighting inferior products or services, raising awareness of consumer rights and offering independent advice. The brand name is used by the Consumers' Association, a registered charity and company limited by guarantee that owns several businesses, including ''Which? Financial Services Limited'' (''Which? Mortgage Advisers''), ''Which? Legal Limited'' and ''Which? Limited'', which publishes the ''Which?'' Papers. The vast majority of the association's income comes from the profit it makes on its trading businesses, for instance subscriptions to ''Which?'' magazine, which are donated to the campaigning part of the organisation to fund advocacy activity and inform the public about consumer issues. ''Which?'' magazine maintains its independence by not accepting advertising, and the organisation receives no government funding. The Consumers' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Snag List
A punch list is a document prepared during key milestones or near the end of a construction project listing work that does not conform to contract specifications that the general contractor must complete prior to final payment. The work may include incomplete or incorrect installations or incidental damage to existing finishes, material, and structures. The list is usually made by the owner, architect or designer, or general contractor while they tour and visually inspect the project. In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as " retainage". The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner. The designer (typically a licensed professional architect or engineer) is usually also incorporated into the contract as the owner's design representative and agent, to veri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
