16. Construction contracts Construction contracts are agreements that outline the terms, conditions, and responsibilities for construction projects between the client and the contractor. These contracts cover details such as project scope, timelines, costs, and quality standards. For example, a fixed-pr...
Amendments are frequent in construction contracts. Their function is to make contract changes without having to rewrite an entire contract. As an example, a company may contract to construct a new building, but as they begin to dig the footers, they find the underlying soil to be substandard a...
A typical construction project manager will have, at least, a bachelor’s degree. They will have studied management and should also have on-the-job training. Most construction companies are not going to give the reigns of a project over to someone who hasn’t worked their way up the ladder...
For example, a company that contracts construction workers to build a building, but the workers only complete one wall. In this scenario, the workers have committed a partial breach of contract. In addition, the company would not be able to recover any money from the incomplete building because...
Awaiver of subrogationis a waiver that prevents either a person or company from pursuing damage collection from a third party. Waivers of subrogation are commonly seen in construction contracts, leases, and property insurance contracts. Insurance companies will commonly add causes that prevent a party...
monetary damages accrued for each day construction is delayed beyond the agreed-upon completion date; the financial penalty a supplier pays for missing the deadlines of supply; similar penalty a software development company pays for delivering quality or performance lower than stated in the contract. ...
Construction Statement of Work For our statement of work example, let’s explore what one would look like in aconstruction project. We’re not going to go into detail, but rather sketch out a general SOW and how it would be built around the erection of a generic building. ...
Employment contracts Customer lists Client relationshipsA complete list of assets can be found in this article.2. Make a Balance SheetA balance sheet is an important financial statement that shows a company’s assets, as well as its liabilities and equity (net worth). Making a balance sheet wi...
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Tort in the Construction Industry Lesson Summary Register to view this lesson Are you a student or a teacher? FAQ What is an example of a tort law? Defamation is an example of a tort lawsuit. Imagine a former client of a daycare owner falsely claims , via social media posts, that the ...