There are various types of tendering methods, to analyze, negotiate and award a project to a contractor. But We can only identify two types of contractual bindings in the construction industry. The first is a standing offer under a maintenance work for a specified period, and this contract type is rare compared to others. TheContinue reading “6 most popular types of tendering methods in the construction industry”
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6 Steps of Value Engineering Methodology
Value engineering is also called value analysis in the construction industry, And it is the most crucial step in the value management process. The Hard definition of Value engineering is, “Value engineering is the process of optimizing or improving project or product to deliver its maximum functionality or capabilities without spending much cost and without damaging the qualityContinue reading “6 Steps of Value Engineering Methodology”
3 Corporate social responsibilities of a sustainable company
Why Corporate social responsibilities (CSR activities) are essential? Because the World population is highly growing and the resources are becoming scarce day by day. Peoples and organizations are more concerned to find a way of sustainable developments. 1972 Stockholm earth summit has set out broad goals against the pollution. And the 1992 Rio de JaneiroContinue reading “3 Corporate social responsibilities of a sustainable company”
What is Value management
What is this Value Management in the construction industry? Most of the people are misunderstood that value management is the method to reduce the cost of construction. As per the correct definition, value management is the systematical method used to develop a project to achieve its utmost benefits for the users and owners. To do it, theContinue reading “What is Value management”
Why Remeasurement(Re measurable) contracts / Unit price contracts
The re-measurable/remeasurement contract is the most popular type of contract used in the former construction industry. But even so, large construction companies are using this method to hire subcontractors for tasks such as painting, plastering, etc. In this method, the companies will receive the payment based on actual work. Compared to other procurement methods, theContinue reading “Why Remeasurement(Re measurable) contracts / Unit price contracts”
What is Earned value management system (EVM)
Earned value management system (EVM) is a practice which project management professionals developed to evaluate performance & progress of a project. Implementation of this system in a project can provide several benefits. what are the advantages of the Earned value management system? An early indication of budget or time overrun More sensitive data for effectualContinue reading “What is Earned value management system (EVM)”
What is the process of Mediation in construction
In the process of mediation in construction, all the parties are agreeing and appointing a neutral third party (person) as a mediator. The mediator should be a qualified and expert person in the industry. Also, the selected mediator has to be acceptable by both parties. This process will proceed without harming the existing relationship betweenContinue reading “What is the process of Mediation in construction”
What is the process of construction arbitration?
What is the construction arbitration process in the? Arbitration, mediation, litigation. These words are very common in the construction industry. Because the industry is full of disputes. There are a handful of ways to resolve disputes in the construction industry. But arbitration is the most famous method of resolving contractor and client disputes. In theContinue reading “What is the process of construction arbitration?”
What is alternative dispute resolution (ADR)
What is ADR or alternative dispute resolution in construction? Litigation is the traditional method of resolving disputes in the construction industry. But Litigation process takes much time and cost to solve the problems. Also, the process of litigation can ruin the relationship between the parties involved in the dispute. Arbitration is the next favourite methodContinue reading “What is alternative dispute resolution (ADR)”
How to get Extension of time (EOT) in construction (3 Key reasons)
What is this extension of time or EOT The contractor is always eligible for an EOT (extension of time) whenever unexpected causes delays the project works. If the contractor is requesting an EOT, He should request it based on the reasonable terms. The contractor cannot ask an extension due to delays caused by himself. evenContinue reading “How to get Extension of time (EOT) in construction (3 Key reasons)”