1.
The Architect’s roles is to prepare the tender documents, distribute them to the
respondents and manage the process. This includes the confidential closing of
tenders at the specified date and time and to provide a recommendation on which
tender is most suitable.
Once selected, it is generally the architect’s role to advise the preferred tenderer, in
writing, of the Client’s acceptance and to prepare the formal contracts between
Client and builder.
The tendering process is a structured process, in order to be fair and transparent;
including a stringent selection process, expressions of interest from bidders, through to
the request for tender and the evaluation process.
Each tender process is different depending on the contract in question and how the
buyer needs to evaluate the bidder.
2) 1. What Is Earnest Money?
Earnest money is a deposit made to a seller that represents a buyer's good
faith to buy a home. The money gives the buyer extra time to get financing
and conduct the title search, property appraisal, and inspections before
closing. In many ways, earnest money can be considered a deposit on a home,
an escrow deposit, or good faith money.
In most cases, earnest money is delivered when the sales contract or purchase
agreement is signed, but it can also be attached to the offer. Once deposited,
the funds are typically held in an escrow account until closing, at which time
the deposit is applied to the buyer's down payment and closing costs.
When a buyer decides to purchase a home from a seller, both parties enter
into a contract. The contract doesn't obligate the buyer to purchase the home,
because reports from the home appraisal and inspection may later reveal
problems with the house.
2. What is retention money?
Retention money is an amount held back from a payment made under a construction contract. It is
usually a percentage of the amount payable of each instalment. It is generally held to ensure that a
contractor performs all of its obligations under the contract, and is then released either on practical
completion or after the end of a defects notification period.
3. A security deposit\ is a sum of money held in trust[1] either as an initial part-
payment in a purchasing
process (often used to prevent the seller selling an item to someone else during an agreed perio
d of time while the buyer verifies the suitability of the item, or arranges finance) - also known as a
n earnest payment, or else, in the course of a rental
agreement to ensure the property owner against default by the tenant[1] and for the cost of repa
ir in relation to any damage explicitly specified in the lease and that did in fact occur.
4. What is Mobilization Funding? Mobilization funding is a financial tool commonly used by
contractors in the construction industry to raise capital to cover costs before work begins on a
project or prior to invoicing. Working capital for new projects, cover cost of construction bonds
and other general expenses.
Funding is contingent on contractors being pre-approved by a qualified sub-contractor
assessment process such as Subguard. Typically mobilization funding advances up to 10% of the
contract amount, and up to 85% on issued invoices, and a total of 40% of contract amount.
Invoice Factoring
Our other funding option is invoice factoring which allows contractors and sub-contractors the
option to raise capital on their invoices / accounts receivables.
Our construction funding facilities can provide contractors peace of mind knowing that they will
have the necessary funds to operate with confidence, the option to take on larger projects and/or
complete existing projects on schedule and within budget
3) 1.
The defects liability period (DLP), also called defects notification period (DNP) under FIDIC, is the
period after the construction is completed and accepted (also called practical completion), and w
here the contractor is responsible for fixing (at their cost) any defects arising in the infrastructure
during the DLP/DNP. It is usually one year (could be less) and is clearly stipulated in the construct
ion as well and the supervision contract.
2.A scope of work (SOW) document is an agreement on the work you’re
going to perform on the project, Jennifer said.
The document includes:
Deliverables: This is what your project delivers, of course. Whether
it’s a product or a service, it’s the reason you’re executing the project
for your customer, stakeholder or sponsor.
Timeline: Think of a timeline as a road leading from the start of a
project to its end. It’s a section of the document that delineates the
major phases across the schedule of the project’s duration.
Milestones: Projects can be very long and complex, which is why
they’re laid out over a timeline and broken down into more
manageable parts called tasks. Larger phases of the project are
marked by what is called a milestone.
Reports: You’ll be generating these throughout the project, delivered
to either you team or customer, stakeholder or sponsor. They’re a
formal record of the progress of your project, but they’re also a
means of communication beyond whether the project’s on schedule
or not.
[Link] Majeure. A party shall not be liable for any failure of or delay in the performance
of this agreement for the period that such failure or delay is
beyond the reasonable control of a party,
materially affects the performance of any of its obligations under this agreement,
and
could not reasonably have been foreseen or provided against, but
will not be excused for failure or delay resulting from only general economic conditions or other
general market effects.
Tags
Pro-provider: obligation to cure; right to terminate
Force Majeure
No Liability. Neither party will be liable for performance delays nor for non-performance due to
causes beyond its reasonable control, except for payment obligations.
Best Efforts to Cure. In the event of a threatened default or default as a result of any cause
beyond its reasonable control, the defaulting party shall nonetheless exercise its best efforts to
avoid and cure such default.
Right to Terminate. In the event such an event prevents performance thereunder for a period in
excess of ninety (90) days, then the non-defaulting party may elect to terminate this Agreement
and/or cancel or suspend any Purchase Orders thereunder by a written notice to the defaulting
party.
4. Liquidated damages, also referred to as "liquidated and ascertained damages" (LADs)
[1] are damages whose amount the parties designate during the formation of a contract[2] for th
e injured party to collect as compensation upon a specific breach (e.g. late performance).
[Link] Is a Breach of Contract?
A breach of contract is a violation of any of the agreed-upon terms and
conditions of a binding contract. The breach could be anything from a late
payment to a more serious violation such as the failure to deliver a
promised asset.
A contract is binding and will hold weight if taken to court. To successfully
claim a breach of contract, it is imperative to be able to prove that the breach
occurred.
Understanding a Breach of Contract
A breach of contract is when one party breaks the terms of an agreement
between two or more parties. This includes when an obligation that is stated in
the contract is not completed on time—you are late with a rent payment, or
when it is not fulfilled at all—a tenant vacates their apartment owing six-
months' back rent.
Sometimes the process for dealing with a breach of contract is written in the
original contract. For example, a contract may state that in the event of late
payment, the offender must pay a $25 fee along with the missed payment. If
the consequences for a specific violation are not included in the contract, then
the parties involved may settle the situation among themselves, which could
lead to a new contract, adjudication, or another type of resolution.