Vary clause in 602

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How to vary clause in 602

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hello everybody itamp;#39;s Zach here from youamp;#39;ll see a licensed wizard calm today weamp;#39;re talking about the subordination clause also known as the subordinate clause subordination real estate finance banking refers to the order of priorities and claims for ownership for assets subordination clause is the legal agreement which establishes the order of priorities in the form of a clause within contract but more on that later as always in this video weamp;#39;re going to talk about the definition how it does its real estate and what to remember for the real estate exam but before we define the clause today I just want to make sure you understand what a clause is those who donamp;#39;t know cautious identifies a particular section of a real estate contract and real estate there are many different types of clauses so itamp;#39;s super important that you understand them and are able to distinguish which is which not only for your career but for the exam too so letamp;#39;

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What are the main options clauses of NEC4?

Main Option Clauses Option A: Priced contract with activity schedule. Option B: Priced contract with bill of quantities. Option C: Target contract with activity schedule. Option D: Target contract with bill of quantities. Option E: Cost reimbursable contract. Option F: Management contract.

What is clause 60.3 in NEC4?

Clause 60.3 is the last of the clauses to refer to site information. It states, If there is an ambiguity or inconsistency within the Site Information (including the information referred to in it), the Contractor is assumed to have taken into account the physical condition more favourable to doing the work.

What is a variation clause?

Also commonly referred to as flexibility clauses, variation clauses are express terms written into employment contracts, giving employers the contractual right to change certain terms and conditions.

What are the NEC Z clauses?

Z clauses can be used and inserted into NEC contracts to allow the parties to agree additional terms and conditions, in order to cater for specific needs relating to a project and the terms of its delivery.

What is an example of a differing site condition clause?

(a) The Contractor shall promptly, and before such conditions are disturbed, notify the Contracting Officer in writing of: (1) Subsurface or latent physical conditions at the site differing materially from those indicated in this contract, or (2) unknown physical conditions at the site, of an unusual nature, differing

What are NEC-Y clauses?

What does Y options mean? These are optional clauses in NEC3/NEC4 contracts (known as secondary options). Option Y(UK)1 covers the use of a project bank account in relation to the works. Option Y(UK)2 ensures that the contracts payment provisions comply with the Housing Grants, Construction and Regeneration Act 1996.

What are the Z clauses in NEC ECC?

Z clauses are used to amend the standard NEC contract clauses by means of adding new clauses or amending the wording of existing clauses. They are incorporated through the contract data.

What is an unusual clause?

The terms and clauses of unusual agreements differ from those of standard contracts. Examples could include: Non-standard Employment Agreements: Include fixed working hours, employment term and wages; and do not include standard incentives such as insurance and bonuses.

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