Slide type in the Construction Contract

Aug 6th, 2022
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How to slide type in the Construction Contract

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and welcome back to the series of lectures where we are talking about principles of construction management and in this lecture we will address and talk about issues relating to dispute resolution and construction projects and i must acknowledge once again the discussions that i had with professor k c iyer of the department of civil engineering at i i t delhi now we already know what a dispute is a dispute implies assertion of a right which can be called a claim by one party and repudiation thereof by another i have emphasized that a claim and a counter claim without repudiation does not really constitute a dispute so what we are going to talk about today is how these disputes can be resolved as for as the construction project is concerned and what are some of the simple ground rules that operate in the minds of an arbitrator or a court when they are trying to address or resolve these disputes now we also seen some of the causes that leads to disputes and arbitration incorrect ground d

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Three rules generally accepted in construction of contracts are the plain meaning rule, the enforceability rule and the interpretation that favors the non-drafting party. The plain meaning rule states that the ordinary and prevailing usage will be applied to the words in the contract.
Construction contracts are legally binding agreements between both parties involved, and set out work timescales, rights, obligations and expectations from both the client and contractor. Construction contracts may also cover how to resolve disputes, termination of work notices and risk management.
What Is Consideration? Consideration is an important element of construction contracts. It is the benefit that each party involved in the contract gets or expects to get from the deal.
5 elements to include in a construction contract Scope of the project. The phrase scope of work is often too generic when referring to the expectations of the work performed. Total cost and payment requirements. Project timeline. Lien law protection. Dispute resolution.
That said, its important to understand that there are four main types of construction contracts between GCs and subs: Fixed price/lump sum. Time and materials. Cost-plus. Unit price contract.
Top 10 Common Mistakes that We See in Construction Contracts Its not written down. Both parties havent signed the contract. Not all of the terms of the agreement are in writing and in the contract. The timeline is unclear. Particular terms arent defined. Theres no written approval of any changes to the contract.
There are five key components you need to address in each construction contract as a protection against legal trouble. Scope of the project. Total cost and payment requirements. Project timeline. Lien law protection. Dispute resolution.

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