Explain the following terms in detail.  i) Contract ii) Types of Contracts

Q: What is contract? Discuss different types of contracts in detail with suitable examples

A: A Contracts is a legal framework or a set of rules which are carried out to establish a legal…

Q: According to Contract Act (1950), there are seven (7) essential elements to the creation of a valid…

A: Following is required answer :

Q: What are claims and disputs?

A: Claim:

Q: There are several types of construction contracts. However, often a standard form of contract is…

A:

Q: What are the five principles of contract administration?

A: Six priciples of contract management:

Q: How is a contract executed?

A: An executed contract can be defined as an agreement that has been signed by all the concerned…

Q: What are the  five basic rules of contract interpretation that are important in construction…

A: Contract interpretation starts by seeking out the decisions parties made.

Q: How is Standard Builder's Risk Insurance important?

A: In construction projects, builder's risk insurance is a type of property insurance that covers the…

Q: Define the term fixed-price contracts?

A: A fixed-price contract is also known as a lump-sum contract or a firm-price contract. It establishes…

Q: What are performance and payment bonds?

A: A performance bond seems to be a guarantee bond provided by a lending firm or bank to ensure a…

Q: Why use standard forms of contract?

A: Standard contracting forms have a whole host of benefits:

Q: Name the four of the principal types of contractual relationships frequently encountered in…

A: Following are the four principal types of construction contracts: 1) Lump Sum Construction Contract:…

Q: Discuss the importance of boilerplate contract terms and conditions as part of the contract. How do…

A: Boilerplate clauses, also known as common, general, and miscellaneous clauses, are provisions that…

Q: What is meant by the following terms?a. Yellow-dog contractb. Agency shopc. Subcontractor clause

A: a) Yellow Dog Contract:- The contract in which the employee is asked by employer to sign an…

Q: Where a contract document lists an order of precedence,what effect does that provision have on…

A: An order of precedence is listed to resolve any disputes that arise from the conflicts between the…

Q: Define the term Arbitration?

A: In a construction project dispute arises when parties disagree to each other at any point in…

Q: Describe the general conditions of the construction contract?

A: General requirements cover any part of the project, meaning that it may be complicated to break down…

Q: What are the general conditions of a contract?

A:

Q: Define the term negotiation?

A: Negotiation is indeed a tactical conversation which settles a problem in a way which is satisfactory…

Q: What are the main elements of a contract?

A:

Q: The contract definition

A: Solution: The correct option to above given question is option C.

Q: How to go about approval of specification if the Employer's agent in the General Conditions of…

A: The definition of the employer’s agent is fundamental to  being able to manage and complete his or…

Q: What is a written contract?

A: - A Written Contract is a type of legal document which is a printed or manually written agreement…

Q: What makes a contract?

A: Contract is a legally bound agreement between two parties.

Q: Differ between Assignment and sub contracting?

A: Subcontracting and assignment are two terms which are widely used in an construction project.  These…

Q: What is the difference between contract and agreement?

A: When two people or party agrees to some points and they pen it down for future reference is called…

Q: What is an Advanced Payment Bond?

A: An advanced payment bond is also called an advanced payment guarantee, it is provided by the party…

Q: What types of relationships are intended to be established under a Partnering agreement?

A: When a mutually developed formal ideology of communication and accountability planned to increase…

Q: Where a contract document lists an order of precedence, what effect does that provision have on…

A: To determine the solution of disputes of field conflicts in the different parts of the contract…

Q: What is federal contract change?

A: - Federal contract is same as cooperative contracts in which government provide financial support…

Q: Outline the differences in project controls on parties' interests between the Standard Form of…

A:

Q: Discover warranty and warranty period in a contract, explain it briefly and include example

A: A warranty is a written guarantee that a seller issues to a buyer regarding particular claims. The…

Q: A contract is a legally binding agreement that recognizes and governs the rights and duties of the…

A: 4 Reasons Contracts is vital in the Construction Industry: The contracts are an important process in…

Q: Write some of the common conditions that generally give rise to the need for a contract change…

A: Contract Change Order : A contract change order is work that is applied to or removed from the…

Q: What do you mean by contract relationship?

A: A contractual relationship is a legal bond between the two parties or people who agree to at least…

Q: Why is it necessary to observe changes within the terms of the contract?

A: The agreements which are in the written document form and gives the details of law on different…

Q: Briefly discuss the two conditions that would bind the agreement in a contract. *

A: A contract is a legally enforceable written or oral agreement.

Q: Describe the Negotiating tips?

A: Negotiation is a process through which conflicts are resolved by individuals. It is a mechanism…

Q: What is the Partnering Concept?

A: Concept: The type of business partnering used in engineering, architecture, and the construction…

Q: What are the potential problems in Partnering Concept??

A: Potential problems in Partnering Concept are : 1.Different methods for management : Similar forms in…

Q: To what types of documents are the public works contracts used?

A: The public works contracts are the contracts for financial interest decided in writing between a…

Q: Describe the concept of a design-build contract?

A: The project delivery system is a process which is used to assign the responsibilities of the…

Q: What is necessary to form a contract?

A: These are the key elements of a contract: Contract Basics Agreements are lawful arrangements between…

Q: 9. Name the five principles of contract administration?

A: contract administration five principles are as follows:

Types of Contracts

A verbal or written agreement between a person and a firm, for undertaking construction, material supply, maintenance, and repair work which is enforceable by law is termed as a contract. The person who undertakes the contract for execution of the work is termed as a contractor. The contracts are classified into different types depending on the nature of the contract.