Flashcards
Contract Practice Questions
Flashcards do conjunto (14)
- 1What are the sections of a JCT contract?Section 1 - Definitions
Section 2 - Carrying out the works
Section 3 - Control of the works
Section 4 - Payment
Section 5 - Variations
Section 6 - Injury, damage and insurance
Section 7 - Assignment, third parties and collateral warranties
Section 8 - Termination
Section 9 - Dispute resolution - 2What is the difference between NEC and JCT?1)NEC has 6 options - JCT has different contracts.
2) No QS mentioning in NEC, only PM
3)Programme forms part of contract, JCT doesn't.
4)Variation on JCT - compensation event on NEC
5) PS's in JCT and not in NEC - 3What are letters of intent?Method of instructing the contractor to proceed with the works before the contract has been formally agreed.
- 4Why might a LOI be used?Employer needs to commence works before certain date
Where there are materials that need to be ordered so not to affect the programme - 5What are insurances and the two main types?Risk spreading mechanism
1) Liability Insurance
2) Loss insurance - 6What is the difference between the insurances?Loss covers you
Liability covers others - 7What are the fluctuation options?Stated in the contract particulars.
Option A - Reimbursed Tax, levies or government imposes
Option B - Labour and material fluctuations
Option C - formula adjustment determined on contract base date for inflation - 8What is the base date?Date from tender return, and used for price indices.
- 9What are key ingredients of a contract?1) Offer
2) Acceptance
3) Intention
4) Consideration - 10what is subrogation?Is the right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid to the insured for the loss.
- 11What is included in the contract particulars?Contract sum - retention - payment periods - insurances - collateral warrenties - key dates - adjudicator - contract base date - addresses - fluctuation option - joint fire code.
- 12What is exempt from retention?Loss and expense
stat fees and retention
fluctuation options A&B - 13What are accepted risks?Area where you have no control over
Acts of terrorism
Radiation
Pressure waves - 14What are specified perils?Fire
lightening
storm
flood
earthquake
Informações
- Descrição
- chartership T17 Contract Practice FlashCards sobre Contract Practice Questions , criado por Fred Fulford em 02-06-2015.
- Criado por
- Fred Fulford
- Visualizações
- 7
- Avaliação