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The contractor has to keep all records for cost of material and labour and contractor will be paid accordingly to engineer in charge. This type of contract is suitable for emergency work like difficulties in foundation conditions, construction of expensive structure etc.
Defense contractor, arms industry which provides weapons or military goods to a government; General contractor, an individual or organization responsible for the construction of a building or other facility; Government contractor, a private company which produces goods or services for the government
A general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer. [7] General Contractors are mainly responsible for the overall coordination of a project and may also act as building designer and construction foreman (a tradesman in charge of a crew).
An audit is conducted based on the services that are performed by the contractor and the risk associated with that service. For contractors involved in a higher risk trade (e.g. electricians, [3] lockout-tagout [4] and confined space workers [5]) the audit is an essential part of reviewing the contractor's safety program. Many of these high ...
Some contractors appoint subcontractors to work under a "pay when paid" clause, sometimes called a "pay if paid" clause, where the general contractor will work with subcontractors and the subcontractors are only paid if and when the general contractor is paid for the work. [6] An example clause from a construction context reads:
A term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
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.