Extension of time claims(EOT claims) are the most discussed type of claims in the construction industry, the Main intention of this article is to give you a better understanding of EOT claims. Before we move into further details on the extension of time claims we will look into the nature of the extension of timeContinue reading “Quick Guide to extension of time claims (EOT Claims)”
Tag Archives: Quantity Surveying
4 Key elements of Valid contract
A legally binding agreement between two or more parties is treated as a contract. As a Quantity Surveyor, it is essential to know the key elements to create a valid contract. There are four key elements to create a valid contract. before discussing the key elements of a valid contract, will see types of contracts,Continue reading “4 Key elements of Valid 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”
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 damagingContinue reading “6 Steps of Value Engineering Methodology”
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”
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)”
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.Continue reading “Letter of intent in construction & how to write?”
What is a Quantity Surveyor do (QS)?
What are Responsibilities of a Quantity Surveyor Above are the key tasks of a Quantity Surveyor, Below we have categorised all the responsibilities separately for pre-contract and post-contract stages. Pre- contract Quantity Surveyor as a Contractor’s representative. Taking off quantities. Preparation of BOQ. Pricing and Estimation. Preparation of BOM (Bill of Material). Analyzing andContinue reading “What is a Quantity Surveyor do (QS)?”