The short norm for the “Liquidated damages” is known as “LD”. The main intention of liquidated damage is to cover the client against the Contractor’s time-related obligations. If the Contractor breaches the contract, the client can ask (deduct) predetermined sum agreed as “liquidated damages” or “Delay damages”. The principal of Liquidated Damages/ Delay Damages LetContinue reading “Liquidated damages/Delay damages in construction”
PESTLE analysis example- 6 Great examples
PESTLE Analysis is an analysing strategy used in any kind of business or organisation. PESTLE analysis helps to analyse all external factors which affect businesses (organisations or projects). Some may call or write this as PESTEL analysis. Same like SWOT analysis, Word PESTLE is acronymic for below words. PESTLE Stands for, P- Political E- EconomicalContinue reading “PESTLE analysis example- 6 Great examples”
10 Things your House Contractor won’t tell You-Guest Post
Below blog post is a guest post written by John Adams. According to him, John Adams is a paralegal who writes about widespread legal and social issues. Construction or renovation of a house sounds exhilarating, especially when you are deciding on color schemes, flooring, woodwork, and other aspects of interior design. If you get lucky,Continue reading “10 Things your House Contractor won’t tell You-Guest Post”
Contractors’ All Risks Insurance (CAR Policy)
What Is the Contractors’ All Risks Insurance/ CAR Policy? Contractors’ All risks insurance is there to cover all the consequential risks and third-party injuries plus any damages to the properties. Mostly known as CAR policy, the Contractors’ All risks insurance includes mainly the contractor, client and some time subcontractors. Most importantly, the contractor can coverContinue reading “Contractors’ All Risks Insurance (CAR Policy)”
Key project life cycle stages & whole life cost (of a building)
Whole-life cost in the complete project life cycle is a critical factor when a client is planning for a new building. Clients and representatives of clients (consultant or planning team) should analyze the whole life cycle cost of a building at the very initial stage of the planning. This(Whole life cost analysis) should produce alongContinue reading “Key project life cycle stages & whole life cost (of a building)”
Design and Build Procurement/Design and Build Contracts in Construction
In the design and build contract/procurement method (also called as design and construct contracts), the contractor is appointed to design and built the project. In most other procurement methods, consultants are appointed to design the project, and the contractor is appointed to execute the project. However, in this procurement method contractor will do all designContinue reading “Design and Build Procurement/Design and Build Contracts in Construction”
Management contracting
Introduction Management contracting procurement method is using in large and complex projects. By using this procurement, method client can reduce their risk and transfer management responsibilities to several contractors. In some cases client might be appoint one contractor as management contractor. First of all. The project will be divided into several packages by client, andContinue reading “Management contracting”
Design Problems & Design method
Strategy and classification of design problems The strategy is an essential factor in resolving any kind of a problem. As same as that, ‘design method’ is the term that uses in building design. Usually, it follows a logical procedure even there is no ideal method in designing a building. For instance, we use objectivity toContinue reading “Design Problems & Design method”
Project cash flow- Construction cost management
What we discuss here is, determining the actual flow of money for the contract duration by dealing with construction project cash flow. Also, the way to finalise the contract price. 1.0- Contract cash flow When we are considering the project’s level, the difference between a certain project’s income and expense is named as “The project’sContinue reading “Project cash flow- Construction cost management”
3 – Subcontractors in construction industry
The maximum portion of tasks in a construction project is carried out by subcontractors. Most of the leading contractors in the modern construction industry are keen to use subcontractors than direct labours for their works. It allows them to minimise indirect overheads costs such as rental for labour camps, transports, insurance charges etc. Managing aContinue reading “3 – Subcontractors in construction industry”