Flashcards
Contract Practice Cards
Flashcards do conjunto (12)
- 1What is your understanding of a contract?A legally binding document between two parties which is created by offer and acceptance, resulting in a contractual agreement.
- 2How can a contract be executed?Underhand - limitation of 6 years
As a deed - limitation of 12 years - 3What documents form a contract?Preliminaries
Contract particulars
Pricing document
Drawings and specification
Contract amendments - 4How do you negotiate a final account?Discuss final account position with team
Analysis any variations or changes
Gather all relevant information in order to prepare for agreement or negotiation - 5What is retention?Set out in the contract particulars, it is monies retained to the employer on each valuation, as a security for the works to be complete on time and to the required standard. Half released at PC and rest after defects liability.
- 6Can you name the sections of a JCT contract?Definitions
Carrying out the works
Control of the works
Payment
Change
Insurance
Third party rights
Termination
Dispute - 7Where is retention mentioned in the contract?Included in the contract particulars
- 8How do you determine the amount of retention? What can be put in place instead of retention?Normally around 3-5% and is to be agreed with the contractor.
A retention bond can be put in place if retention is not agreed. - 9What is a retention bond?Instead of monies being help back from the contractor on each valuation, the same amount is paid to the employer from the bond in the event of the works not being completed as per the contract.
- 10What are the different types of bond?Retention bond
On demand bond
Advanced payment bond
Performance bond - 11What is included in the preliminaries?A document that describes the project for pricing.
General summary
method statement
Pre-construciton information
planning & site conditions
statutory approvals
insurance and bonds
SWMP
management of works
Day works and PS's - 12What are some of the relevant events?Instructions
Variations
Deferment of access to the site
Compliance with instructions for antiquities
Suspend of works by contractors due to late payment by employer
Any impediment by employer or team
Informações
- Descrição
- chartership T17 Contract Practice FlashCards sobre Contract Practice Cards, criado por Fred Fulford em 01-11-2015.
- Criado por
- Fred Fulford
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