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Miller Act
The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers. The Act was originally enacted as the Heard Act in 1894. That act established a single performance and payment bond that "did afford some protection to... unpaid subcontractors and materialmen, but it was fraught with substantive and procedural limitations," and it was superseded by the Miller Act of 1935. Background and purpose The Miller Act addresses two concerns that would otherwise exist in the performance of federal government construction projects: #Performance Bonds: The contractor's abandonment or other nonperformance of a government job may cause critical delays and added expense in the government procurement process. The bonding process helps weed ou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pentagon Construction
In geometry, a pentagon (from the Greek πέντε ''pente'' meaning ''five'' and γωνία ''gonia'' meaning ''angle'') is any five-sided polygon or 5-gon. The sum of the internal angles in a simple pentagon is 540°. A pentagon may be simple or self-intersecting. A self-intersecting ''regular pentagon'' (or '' star pentagon'') is called a pentagram. Regular pentagons A '' regular pentagon'' has Schläfli symbol and interior angles of 108°. A '' regular pentagon'' has five lines of reflectional symmetry, and rotational symmetry of order 5 (through 72°, 144°, 216° and 288°). The diagonals of a convex polygon, convex regular pentagon are in the golden ratio to its sides. Given its side length t, its height H (distance from one side to the opposite vertex), width W (distance between two farthest separated points, which equals the diagonal length D) and circumradius R are given by: :\begin H &= \frac~t \approx 1.539~t, \\ W= D &= \frac~t\approx 1.618~t, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contracting Officer
A Contracting Officer ( KO or CO ) is a person who can bind the Federal Government of the United States to a contract which is greater in value than the federal micro-purchase threshold ($10,000). This is limited to the scope of authority delegated to the Contracting Officer by the head of the agency. The abbreviation "KO" is frequently used.Kennedy, J. L. and Cornelius, R. A.Contracting officer's representatives: What to expect ''Army Sustainment'', published 31 January 2019, accessed 20 February 2020 Responsibilities A Contracting Officer enters into, administers, or terminates contracts and makes related determinations and findings, and is appointed by (SF) 1402, Certificate of Appointment Subsection 414(4) of Title 41, United States Code, requires agency heads to establish and maintain a procurement career management program and a system for the selection, appointment, and termination of appointment of contracting officers. Agency heads or their designees may select and appoint ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Law
Construction law is a branch of law that deals with matters relating to building construction, engineering, and related fields. It is in essence an amalgam of contract law, commercial law, planning law, employment law and tort. Construction law covers a wide range of legal issues including contract, negligence, bonds and bonding, guarantees and sureties, liens and other security interests, tendering, construction claims, and related consultancy contracts. Construction law affects many participants in the construction industry, including financial institutions, surveyors, quantity surveyors, architects, builders, engineers, construction workers, and planners. Specific practice areas 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); su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sureties
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Commerce Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affidavit
An ( ; Medieval Latin for "he has declared under oath") is a written statement voluntarily made by an ''affiant'' or '' deponent'' under an oath or affirmation which is administered by a person who is authorized to do so by law. Such a statement is witnessed as to the authenticity of the affiant's signature by a taker of oaths, such as a notary public or commissioner of oaths. An affidavit is a type of verified statement or showing, or in other words, it contains a verification, which means that it is made under oath on penalty of perjury, and this serves as evidence for its veracity and is required in court proceedings. Definition An affidavit is typically defined as a written declaration or statement that is sworn or affirmed before a person who has authority to administer an oath. There is no general defined form for an affidavit, although for some proceedings an affidavit must satisfy legal or statutory requirements in order to be considered. An affidavit may include, * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subcontractor
A subcontractor is an individual or (in many cases) a business that signs a contract to perform part or all of the obligations of another's contract. Put simply the role of a subcontractor is to execute the job they are hired by the contractor for. It is oftentimes a specialized job such as electrical or HVAC and it is the subcontractor's responsibility to execute the work as instructed. A subcontractor (or sub-contractor) is a company or person whom a general contractor, prime contractor or main contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project. While subcontracting often occurs in building works and in civil engineering, the range of opportunities for subcontractor is much wider and it is possible that the greatest number of subcontractors now operate in the information technology and information sectors of the economy. One hires subcontractors either to reduce costs or to mitigate project risks. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Bond
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin. History Performance bonds have been around since 2,750 BC. The Romans developed laws of surety around 150 AD, the principles of which still exist. Overview A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion. For example, a contractor may cause a performance bond to be issued in favour of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Little Miller Acts
A "Little Miller Act" is a U.S. state statute, based upon the federal Miller Act, that requires prime contractors on state construction projects to post bonds guaranteeing the performance of their contractual duties and/or the payment of their subcontractors and material suppliers. Typical statutory provisions Little Miller Acts typically require the posting of a performance bond, a type of surety bond that covers the cost of substitute performance if the prime contractor fails to fully perform his duties under the contract. Little Miller Acts also typically require the posting of a payment bond, which provides an alternate source of payment to the subcontractors and material suppliers who worked on the job. If the claimant did not have a direct contractual relationship with the prime contractor, the claimant is typically required to give some form of notice to the prime contractor within a specified time after the completion of the work to preserve the right to make a claim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Legislature (United States)
A state legislature in the United States is the legislative body of any of the 50 U.S. states. The formal name varies from state to state. In 27 states, the legislature is simply called the ''Legislature'' or the ''State Legislature'', while in 19 states the legislature is called the ''General Assembly''. In Massachusetts and New Hampshire, the legislature is called the ''General Court'', while North Dakota and Oregon designate the legislature the ''Legislative Assembly''. Composition Every state except Nebraska has a bicameral legislature, meaning that the legislature consists of two separate legislative chambers or houses. In each case the smaller chamber is called the Senate and is usually referred to as the upper house. This chamber typically, but not always, has the exclusive power to confirm appointments made by the governor and to try articles of impeachment. (In a few states, a separate Executive Council, composed of members elected from large districts, perform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Acquisition Regulations
The Federal Acquisition Regulation (FAR) is the principal set of rules regarding Government procurement in the United States,. and is codified at Chapter 1 of Title 48 of the Code of Federal Regulations, . It covers many of the contracts issued by the US military and NASA, as well as US civilian federal agencies. The largest single part of the FAR is Part 52, which contains standard solicitation provisions and contract clauses. Solicitation provisions are certification requirements, notices, and instructions directed at firms that might be interested in competing for a specific contract. These provisions and clauses are of six types: (i) required solicitation provisions; (ii) required-when-applicable solicitation provisions; (iii) optional solicitation provisions; (iv) required contract clauses; (v) required-when-applicable contract clauses; and (vi) optional contract clauses." If the FAR requires that a clause be included in a government contract, but that clause is omitted, case ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stat
STAT, Stat. , or stat may refer to: * Stat (system call), a Unix system call that returns file attributes of an inode * ''Stat'' (TV series), an American sitcom that aired in 1991 * Stat (website), a health-oriented news website * STAT protein, a signal transducer and activator protein * Special Tertiary Admissions Test (STAT), an Australian scholastic aptitude test * St. Albert Transit (StAT), the public transportation system in St. Albert, Alberta, Canada * ''stat'', an abbreviation of ''statim'' that means "immediately" in medical jargon * Stat., abbreviation of United States Statutes at Large * Statistic (role-playing games), a piece of data which represents a particular aspect of a fictional character See also * Strat (other) Strat may refer to: * River Strat in Cornwall, UK * Fender Stratocaster, electric guitar made by Fender * Strategy Strategy (from Greek στρατηγία ''stratēgia'', "art of troop leader; office of general, command, generalship") is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
