1. Four legal components are required for construction contracts to be valid include 2. The following were common forms of construction contracts: 1.... 3. 4. 5. 6. 7. ..2... , the owner will pay the builder an agreed-upon amount of money for the completion of a project that complies with a clearly defined scope of work. ........ the owner will pay to the constructor an agreed-upon of amount of money for each unit of work completed in a project. , the owner will reimburse the constructor for all costs specified to construct the project. the current value of money is higher than its future value commonly represented as a percentage of the amount owed

1. Four legal components are required for construction contracts to be valid include 2. The following were common forms of construction contracts: 1.... 3. 4. 5. 6. 7. ..2... , the owner will pay the builder an agreed-upon amount of money for the completion of a project that complies with a clearly defined scope of work. ........ the owner will pay to the constructor an agreed-upon of amount of money for each unit of work completed in a project. , the owner will reimburse the constructor for all costs specified to construct the project. the current value of money is higher than its future value commonly represented as a percentage of the amount owed

Structural Analysis

6th Edition

ISBN:9781337630931

Author:KASSIMALI, Aslam.

Publisher:KASSIMALI, Aslam.

Chapter2: Loads On Structures

Section: Chapter Questions

Problem 1P

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Similar questions

A contract is a legally binding agreement that recognizes and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because is meets the requirements and approval of the law. Explain in brief FOUR (4) reasons contract is vital in the construction industry.
1.)_______is the subject matter of the contract 2,) The engineer should be aware of ________, ___________ and _________ before drafting the contract.
In preparing to bring a dispute to some kind of resolution,what measures should be taken by the contractor?
How do the owners collect the liquidated damages from the contractors during construction?
Briefly discuss the two conditions that would bind the agreement in a contract. *
What are Guaranteed Maximum Price Contracts?
1. Enumerate at least five (5) payees of the order instrument.
6. Match the following terms with the most correct explanation Term Explanation Payment Bond Provides the owner with an amount to cover the damages/costs if the apparent low withdraws Bid Bond Provides the owner with a means for completing the work if the contractor cannot complete it. Lien Protects suppliers, subcontractors and employees Non-payment by the General Contractor Performance Bond Used primarily in private contracting; the General contractor and first-tier subcontractors place a debt upon the facility if they haven't been paid.
Why is the contractor liable of providing the surety bonds to obtain written release prior to the final payment on projects?
Explain the following terms in detail. i) Contractii) Types of Contracts
9. Name the five principles of contract administration?
must not be less than 200 words but not more than 400 words. in case there's an abiguity in an contract whose interpretation shall govern/be favored?