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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 .
Various abbreviations used for this type of contract are LSTK for lump sum turn key, EPIC for engineering, procurement, installation & commissioning and EPCC for engineering, procurement, construction and commissioning. Use of EPIC is common, e.g., by FIDIC and most Persian Gulf countries. Use of LSTK is common in the Kingdom of Saudi Arabia.
Under design–bid–build, the owner takes on significant risks because of that position. Design–build places the responsibility for design errors and omissions on the design–builder, relieving the owner of major legal and managerial responsibilities. The burden for these costs and associated risks are transferred to the design–build team.
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); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
A Contract B is formed when an owner formally accepts a bid or, colloquially, a submission of price. Only a single Contract B is formed between, the owner and the successful bidder. The term "Contract B" is used to differentiate the actual construction contract from the tender contract or "Contract A".
An independent engineer, also known as a lender's engineer, is a term often given to the engineering representative of the lender, or financier, of a large capital project. The key is to be independent so that opinions on the technical aspects of the project are not biased either in favor of the lenders or the developer/owners.
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.