Easily Remove Amount Field in the General Contractor Agreement

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How to Remove Amount Field in the General Contractor Agreement

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joe just answer i just asked another question here while learning how to price a job did you under bid and realize it should have cost more for the job yes and i i think weve all gone through that you know everybody thats been in in construction uh there yeah theres definitely times where i under bid a job and i learned from that so now the way that i have it set up um you know over time you learn all this and if you have a good contract in place that can protect you and your customer then then thats thats where a lot of the times you know theres jobs we take on where theres an unforeseen circumstance you know and a lot of the new guys dont know like oh you know its gonna cost us more but i dont have this in my contract so the customers not wanting to spend more and they try to take advantage of of contractors as well sometimes so you know if its an unforeseen circumstance you should have that in your contract where you know if something shows up or theres rot or something

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What are the 3 requirements of consideration?

In order to form a valid contract, consideration must meet the following conditions: It must be something worth bargaining for. It must benefit all the parties to the contract. It must be something of value.

What is considered consideration in a contract?

Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

What is consideration for modification of a contract?

Under common law, a party to a contract needs new consideration -- something of legal value -- to modify a contract. The party obtains new consideration by negotiating with the other party to change the consideration on both sides of the contract.

Under what type of law is consideration necessary for modifying a contract?

Thus, under common law rules, parties who wish to modify a contract will need to provide new consideration (i.e., something of value).

Which clause contained in the contract a general contractor can cancel the contract with a subcontractor for no reason?

A termination for convenience clause allows the general contractor to terminate your subcontract without any notice. This is what happened in the example abovethe general contractor doesnt even need a reason. You might also see the other type of termination clause in your subcontract: termination for cause.

What consideration is necessary to support a contract modification?

Indeed, a promise by itself can qualify as consideration, and the mutual exchange of promises by the parties can support contract modification.

What is the modification of agreement clause?

The modification of agreement clause in a contract states that the agreement may only be modified in writing. As important as it is to have your contract in writing, it is equally important to require any modifications additions, deletions, or changes in wording to be in writing.

What term refers to the amount withheld from each of the progress payments to the contractor?

Retainage is an amount of money withheld from payment to a contractor or subcontractor until the end of the construction project, or a time specified in the contract.

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