Easily Hide Alternative Choice to the Construction Contract

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Add fillable fields and designate them to a particular receiver.
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How to Hide Alternative Choice to the Construction Contract

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retention also known as retainage in the u.s is an amount of money held back from a contractor or nominated subcontractors during the term of a construction project this is a unique practice specific to the construction industry but within the industry its extremely popular most construction contracts dictate that a certain percentage of the contract price often around five percent is withheld from the contractor until the entire project is substantially completed this can create cash flow challenges in an already cash poor industry but before we delve into this topic further could you please take the time to like this video and subscribe to our channel we now have a library of over 100 videos that specifically focuses on quantity surveying so after this video why dont you take a look at some of our others okay lets get back into it now youre probably wondering what is the purpose of retention is it just a sneaky way to get some of the contractors or subcontractors cash well the ea

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What is an alternate in an contract?

Alternate: An amount proposed by bidders and stated on the Bid Form for certain work defined in the bidding requirements that may be added to or deducted from the base bid amount if Owner decides to accept a corresponding change either in the amount of construction to be completed or in the products, materials,

What is an example of a deduct alternate?

Typically, deduct alternates come in the following two flavors: 1. Non-essential, stand-alone items: These are items that are desired by the owner, but can be removed in total with no serious detrimental effects to the project. Examples include: play structures, fencing, emergency generator, wainscot, or crown molding.

What is the difference between allowance and alternate?

Allowance - A sum of money defined in the documents, to be included in the bid to cover the cost of work not fully defined by the documents. Alternates - Amount to be added or deducted from the base bid if the corresponding change in project scope or alternate materials and/or method of construction is accepted.

What are alternates in a contract?

Add alternates are additional items of work that may be awarded as part of the contract if the bids come within the budget specified in the contract. Add alternates may include adding length or additional quantity to a project of similar type work or adding enhancements of different type work to a project.

What is an add alternate in construction?

Add alternates are additional items of work that may be awarded as part of the contract if the bids come within the budget specified in the contract. Add alternates may include adding length or additional quantity to a project of similar type work or adding enhancements of different type work to a project.

What are alternates in a construction contract?

An alternate is a defined portion of the Work that is priced separately and thus provides an option for the Owner in determining the final scope of the Project. Alternates provide the Owner with a choice between different products or can define the addition or deletion of a portion of the Work.

What are three ways a construction contract can be terminated?

Where a contract is terminated for bdocHub, repudiation or frustration, the contract is discharged either as a whole or partially terminated.

What is an alternate bid?

ALTERNATE BIDS. ALTERNATE BIDS. (Additional Information) Definitions. The amount stated in the bid to be added to or deducted from the amount of the base bid if the corresponding change in project scope or alternate materials and/or methods of construction is accepted.

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