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”
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Provisional sum/Day works/legislative adjustments in construction as per FIDIC 99
Provisional sums in construction under FIDIC 1999 Provisional sums in construction are the best guest values provided by the consultants at the tender stage, For works cannot be determined at the earlier stage (As an example, excavating of uncertain soil conditions). So consultants are stating provisional sum amounts for these kinds of works (works whichContinue reading “Provisional sum/Day works/legislative adjustments in construction as per FIDIC 99”
Variations in construction -under FIDIC 1999
Variations in Construction Variations are also called as change orders in construction. Any modification or change to works (agreed in the contract) is treated as a variation. These modifications or changes can divide into three main categories. Addition to the work agreed in the contract. Omission to work agreed in the contract. Substitution or alterationContinue reading “Variations in construction -under FIDIC 1999”
Choosing suitable FIDIC Contract?
What is FIDIC Contracts Choosing suitable FIDIC contract is very important for the smooth execution of a project. FIDIC Contracts are the leading documents used outside the UK. (for forming contacts in the construction industry). International Federation of Consulting Engineers or Fédération Internationale des Ingénieurs-Conseils draft and publish these FIDIC Contracts. Red book and theContinue reading “Choosing suitable FIDIC Contract?”
6 most popular types of tendering methods in the construction industry
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”