Ad
related to: difference between protocol and sop in construction company contract design
Search results
Results From The WOW.Com Content Network
Under SOP 81-1, revenue is also allowed to be computed using the Completed Contract Method. [8] Under this method, contract revenues and costs are not recognized until the contract is substantially complete. However, this method is not allowable if the results are significantly different than results using the Percentage of Completion Method. [9]
Construction management contract is between the investor and the builder. This is for use on construction projects. This contract is usually appointed by the client (investor) in the early stage. The relationship between the client and the management contractor usually covers both the work of pre-construction and construction activities. [12]
Some military services (e.g., in the U.S. and the UK) use the term standing operating procedure, [2] since a military SOP refers to a unit's unique procedures, which are not necessarily standard to another unit. The word "standard" could suggest that only one (standard) procedure is to be used across all units. [citation needed]
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
If speed is important, design and construction contracts can be awarded separately; bidding takes place on preliminary plans in a not-to-exceed contract instead of a single firm design-build contract. The major problem [11] with design-build contracts is an inherent conflict of interest. In a standard contract the architect works for the owner ...
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.
Design–bid–build (or design/bid/build, and abbreviated D–B–B or D/B/B accordingly), also known as Design–tender (or "design/tender"), traditional method, or hardbid, is a project delivery method in which the agency or owner contracts with separate entities for the design and construction of a project. Design–bid–build is the ...
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.