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2. The contract has many uses, including in construction and insurance. A contract comes with a variety of clauses, responsibilities and tasks that must be performed for the contract to be satisfied. Study this case: Your friend Iskandar is the owner of construction company located in Sapphire City, which had signed a contract on Jan. 2021 with Emory College to build a management office, 2 heavy duty laboratories, a lecturer academic block, 2 hostels for female and male student, a common room, and cafeteria, a sport complex, and a library. The project was to be executed in 3 years of Jan. 2021. The entire cost for construction was RM 14.5 millions. Iskandar received an advanced of RM 6.0 millions in the commencement of the work, and the agreement provided that the balance of the amount was to be paid on the execution work. However, by those time of two years and 4 months of the buildings under the project have been constructed, except blocks of hostel, a library, an cafeteria, and sport complex, Danial made a request and submit a claim for actual cost of construction work. Throughout one meeting, argument arose when the Board Directors the College and client's representative denied that Iskandar and his company had completed the works, and in disguise the counter-claimed of RM 1 million for expenses incurred in executing the block that remained unbuild, or in the alternative damages for the breach of the contract. Previously, you had this similar situation. Now, suggest how Iskandar could deal with this problem. Decide the related issues involving contracts and justify the concerns of both parties involved associated to the law applied in Malaysian construction, with support of any related precedents case

2. The contract has many uses, including in construction and insurance. A contract comes with a variety of clauses, responsibilities and tasks that must be performed for the contract to be satisfied. Study this case: Your friend Iskandar is the owner of construction company located in Sapphire City, which had signed a contract on Jan. 2021 with Emory College to build a management office, 2 heavy duty laboratories, a lecturer academic block, 2 hostels for female and male student, a common room, and cafeteria, a sport complex, and a library. The project was to be executed in 3 years of Jan. 2021. The entire cost for construction was RM 14.5 millions. Iskandar received an advanced of RM 6.0 millions in the commencement of the work, and the agreement provided that the balance of the amount was to be paid on the execution work. However, by those time of two years and 4 months of the buildings under the project have been constructed, except blocks of hostel, a library, an cafeteria, and sport complex, Danial made a request and submit a claim for actual cost of construction work. Throughout one meeting, argument arose when the Board Directors the College and client's representative denied that Iskandar and his company had completed the works, and in disguise the counter-claimed of RM 1 million for expenses incurred in executing the block that remained unbuild, or in the alternative damages for the breach of the contract. Previously, you had this similar situation. Now, suggest how Iskandar could deal with this problem. Decide the related issues involving contracts and justify the concerns of both parties involved associated to the law applied in Malaysian construction, with support of any related precedents case

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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2. The contract has many uses, including in construction and insurance. A contract comes with a variety of clauses, responsibilities and tasks that must be performed for the contract to be satisfied. Study this case: Your friend Iskandar is the owner of construction company located in Sapphire City, which had signed a contract on Jan. 2021 with Emory College to build a management office, 2 heavy duty laboratories, a lecturer academic block, 2 hostels for female and male student, a common room, and cafeteria, a sport complex, and a library. The project was to be executed in 3 years of Jan. 2021. The entire cost for construction was RM 14.5 millions. Iskandar received an advanced of RM 6.0 millions in the commencement of the work, and the agreement provided that the balance of the amount was to be paid on the execution work. However, by those time of two years and 4 months of the buildings under the project have been constructed, except blocks of hostel, a library, an cafeteria, and sport complex, Danial made a request and submit a claim for actual cost of construction work. Throughout one meeting, argument arose when the Board Directors the College and client's representative denied that Iskandar and his company had completed the works, and in disguise the counter-claimed of RM 1 million for expenses incurred in executing the block that remained unbuild, or in the alternative damages for the breach of the contract. Previously, you had this similar situation. Now, suggest how Iskandar could deal with this problem. Decide the related issues involving contracts and justify the concerns of both parties involved associated to the law applied in Malaysian construction, with support of any related precedents case
Transcribed Image Text:2. The contract has many uses, including in construction and insurance. A contract comes with a variety of clauses, responsibilities and tasks that must be performed for the contract to be satisfied. Study this case: Your friend Iskandar is the owner of construction company located in Sapphire City, which had signed a contract on Jan. 2021 with Emory College to build a management office, 2 heavy duty laboratories, a lecturer academic block, 2 hostels for female and male student, a common room, and cafeteria, a sport complex, and a library. The project was to be executed in 3 years of Jan. 2021. The entire cost for construction was RM 14.5 millions. Iskandar received an advanced of RM 6.0 millions in the commencement of the work, and the agreement provided that the balance of the amount was to be paid on the execution work. However, by those time of two years and 4 months of the buildings under the project have been constructed, except blocks of hostel, a library, an cafeteria, and sport complex, Danial made a request and submit a claim for actual cost of construction work. Throughout one meeting, argument arose when the Board Directors the College and client's representative denied that Iskandar and his company had completed the works, and in disguise the counter-claimed of RM 1 million for expenses incurred in executing the block that remained unbuild, or in the alternative damages for the breach of the contract. Previously, you had this similar situation. Now, suggest how Iskandar could deal with this problem. Decide the related issues involving contracts and justify the concerns of both parties involved associated to the law applied in Malaysian construction, with support of any related precedents case
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