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”
Tag Archives: Construction Contracts
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)”
Procurement methods in Construction/ types of contracts
What is procurement means to the construction industry? Meaning of Procurement in everyday language is the action of acquiring or obtaining process of any kind of service or commodity. When its come to the construction industry acquiring or obtaining strategy is a time-consuming and costly process. Therefor different type of contract processes are there asContinue reading “Procurement methods in Construction/ types of contracts”
5 pros & cons of Lumpsum Contracts or Fixed price Contracts (with video explain)
What is a Lump sum contract or Fixed price contract Lump sum contracts are the most favourite contract (procurement) type used in the construction industry. Also known as fixed-price contracts. Because in these contracts, the contract price is fixed and agreed at the initial stage. In industry, this contract type is recognizing as one ofContinue reading “5 pros & cons of Lumpsum Contracts or Fixed price Contracts (with video explain)”
Letter of intent in construction & how to write?
Why Letter of intent in construction or any other trade? The Letter of intent in the construction industry? The Letter of intent or the Letter of interest is a highly controversial subject in the construction industry. People always mixed up the Letter of intent with Letter of award (LOA), Comfort letter or Contract awarded Letter. But usually, Letter of acceptance or Contract awarding Letter is issuedContinue reading “Letter of intent in construction & how to write?”