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In the building and construction industry, until 25–30 years old, prescriptive codes, regulations and standards made innovation and change difficult and costly to implement, and created technical restrictions to trade. These concerns have been the major drivers towards the use of a Performance Based approach to codes, regulations and standards.
Performance bonds are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor).
Spectacular accidents have occurred when the forms were either removed too soon or had been under-designed to carry the load imposed by the weight of the uncured concrete. "Form blowouts" also occur when under-designed formwork bends or breaks during the concrete pour (especially if filled with a high-pressure concrete pump). Consequences can ...
The NEC contracts now form a suite of contracts, with NEC being the brand name for the "family" of contracts. [16] When it was first launched in 1993, it was simply the "New Engineering Contract". This specific contract has been renamed the "Engineering and Construction Contract" which is the main contract used for any construction based project.
Unusually for a standard form construction contract, it defines "float" and provides that if either party creates free float or total float as a result of its own improvement of progress, that party may keep the created float as its own contingency. Additional powers are provided in CPC2013 to enable the construction project's developer ...
The term pro forma (Latin for "as a matter of form" or "for the sake of form") is most often used to describe a practice or document that is provided as a courtesy or satisfies minimum requirements, conforms to a norm or doctrine, tends to be performed perfunctorily or is considered a formality.
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