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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] |
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] |
Guaranteed Maximum Price
A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, limited to a maximum price. The contractor is responsible for cost overruns greater than the guaranteed maximum price, unless the GMP has been increased by a formal change order (only as a result of additional scope from the client, not price overruns, errors, or omissions). Savings resulting from unexpectedly low costs are returned to the client. This is different from a fixed-price contract, also known as ''stipulated price contract'' Pawson, O."Stipulated Price Contract" ''Canadian Consulting Engineer'', accessed 14 December 2019 or ''lump-sum contract'', whereby cost savings are typically retained by the contractor and essentially become additional profits. See also * Time and materials Time and materials (T&M) is a standard phrase in a contract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associated General Contractors Of America
The Associated General Contractors of America (AGC) is a trade association in the United States construction industry,About us AGC. Accessed: 5 August 2016. with headquarters in Arlington, . History The AGC was founded in November, 1918 to address problems identified during .[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specification (technical Standard)
A specification often refers to a set of documented requirements to be satisfied by a material, design, product, or service. A specification is often a type of technical standard. There are different types of technical or engineering specifications (specs), and the term is used differently in different technical contexts. They often refer to particular documents, and/or particular information within them. The word ''specification'' is broadly defined as "to state explicitly or in detail" or "to be specific". A requirement specification is a documented requirement, or set of documented requirements, to be satisfied by a given material, design, product, service, etc. It is a common early part of engineering design and product development processes in many fields. A functional specification is a kind of requirement specification, and may show functional block diagrams. A design or product specification describes the features of the ''solutions'' for the Requirement Specification, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Change Order
Change or Changing may refer to: Alteration * Impermanence, a difference in a state of affairs at different points in time * Menopause, also referred to as "the change", the permanent cessation of the menstrual period * Metamorphosis, or change, a biological process by which an animal physically develops after birth or hatching * Personal development, or personal change, activities that improve awareness and identity * Social change, an alteration in the social order of a society * Technological change, invention, innovation, and diffusion of technology Organizations and politics * Change 2011, a Finnish political party * Change We Need, a slogan for Barack Obama's 2008 presidential campaign * Change.gov, the transition website for the incoming Obama administration in 2008–2009 * Change.org, a petition website operated by Change.org, Inc. * Communities Helping All Neighbors Gain Empowerment (CHANGE), a civic organization based in Winston-Salem, North Carolina * Movement for C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Design Change
A design change is the modification conducted to the product. It can happen at any stage in the product development process. The design changes that happen early in the design process are less expensive when compared to those that take place after it is introduced into full-scale production. The cost of the change increases with its development time. Fundamentally, the design changes can be classified into pre production and post production design changes. The pre-production changes can happen in the conceptual design stage, prototype stage, detailing stage, testing stage. The post -production stage change will happen almost immediately the product is introduced into the production. This might be due to several reasons such as market response, design faults uncovering, design mistakes, not meeting customer requirements, so on and so forth. One of the tools to minimize this type of design change is House of Quality. See also * Change control * Change management (engineering) * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Intent
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a contract, legally binding agreement. The concept is similar to a Heads of agreement (law), heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent. The capitalized form ''Letter of Intent'' may be used in legal writing, but only when referring to a specific document under discussion. LOIs resemble short, written contracts, often in tabular form. They are not binding on the parties in their entirety. Many LOIs, however, contain provisions that are binding, such as those governing non-disclosure agreement, non-disclosure, governing law, Exclusive exclusivity or a Covenant (law), covenant to negotiate in good faith. A LOI may sometimes be interprete ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantum Meruit
''Quantum meruit'' is a Latin phrase meaning "what one has earned". In the context of contract law, it means something along the lines of "reasonable value of services". In the United States, the elements of ''quantum meruit'' are determined by state common law. For example, to state a claim for unjust enrichment in New York, a plaintiff must allege that (1) defendant was enriched; (2) the enrichment was at plaintiff's expense; and (3) the circumstances were such that equity and good conscience require defendants to make restitution. Situations ''Quantum meruit'' is the measure of damages where an express contract is mutually modified by the implied agreement of the parties, or not completed. While there is often confusion between the concept of ''quantum meruit'' and that of "unjust enrichment" of one party at the expense of another, the two concepts are distinct. The concept of ''quantum meruit'' applies in (but is not limited to) the following set of situations: #When a pers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales Court Of Appeal
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lord Chief Justice and the Master of the Rolls and Records of the Chancery of England respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. The Cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
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 min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
