What is the unconditional waiver?

Q: What is lump sum contract?

A: The lump sum contract is the traditional method of contracting in which the contractors are required…

Q: What is the Federal Design-Build Contract?

A: The Federal Design-Build Contract is adopted when there is an opportunity to start the construction…

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: What is the Administration of the Union of Contract?

A: Project administration, is, the project operation between the owner, or company, and the building…

Q: What are common contract documents?

A: In construction, contract documents are the written documents that describe the work,…

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: Is it possible to grant certain authority to a specific individual?

A: The construction of a structure involves various levels of employees starting from the contractor.…

Q: What is the lump sum?

A: the lump sum amount is 23120.07/-

Q: Is the Insurance coverage an important contractual responsibility of the contractor?

A: Contractual insurance protects against accidents that the policyholder has expected from entering…

Q: Why use standard forms of contract?

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

Q: What are the alternative methods for dispute resolution?

A: Alternative dispute resolution is a method for resolving conflicts outside of the courtroom or…

Q: What are the performance bonds?

A: Performance bond:

Q: what grounds and to what extent could damages be claimed in a contract?

A: Contract- It is defined as a legally binding document entered by two or more parties with certain…

Q: What is the impact of Exculpatory clause?

A: Exculpatory clause is a clause used in the construction project contracts facilitating provision…

Q: How can fluctuation clauses be calculated?

A: Fluctuation clauses are the clauses that are added to a construction contract and are used to deal…

Q: Which is one of the insurance form usually recommended for construction?why?

A: Construction insurance is a wide category of insurance policies which provide security throughout…

Q: What are the main elements of a contract?

A:

Q: What is the method of negotiation resolution?

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

Q: Which of the following is NOT a method of termination? Rectification Agreement Frustration Breach

A: Answer:- Rectification is not a method of Termination  Explaination:-  Rectification in contract law…

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: Differentiate between the conditional waiver and nonconditional waiver?

A: A construction lien waiver is a legal document that states a party waives future lien rights against…

Q: What are some of the safety items that may be pertinent to the contract?

A: The Contractor will take all precautions of safety when executing the work assigned and will always…

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: How does conciliation work?

A: Conciliation includes an independent conciliator who promotes contact between the opposing parties…

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 are the different kinds of obligations from PICE manual?

A: Explanation- Obligations, both pure and conditional- Every obligation whose execution is not…

Q: What is Litigation?

A: Litigation is defined as the method of opposing legal action in or engaging in court as a means of…

Q: What are third party rights?

A: In some Jurisdictions, the law allows third parties to obtain rights under the contract. This is…

Q: What types of coverage are provided under a guarantee?What types under a warranty?

A: The period of guarantee for construction contracts is 1 or 2 years. The complete project's one year…

Q: Describe the Standard Builder's Risk Insurance?

A: Builder's risk insurance seems to be a specialised form of property insurance which helps cover…

Q: What is the bilateral contract modification?

A: Bilateral contract modification is a supplementary agreement that are signed by the contractor and…

Q: Describe what is personal injury policy?

A: - During a construction project, there are high risk of injury to the labors working at site. - To…

Q: What is the aim of Third Party Rights?

A: Construction comes typically involve collateral warranties and third party rights so third parties…

Q: What is Contractors All Risk Insurance?

A: Contractors all risk insurance is defined as an insurance policy in which all the risks during…

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: What are Prejob Agreements?

A: Pre-job agreements are the letter that contains information regarding company policies,…

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: What is necessary to form a contract?

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

Q: What is the professional negligence ?

A:

Q: What are the Lien laws?

A: A construction lien is a claim being made by a contractor or subcontractor against such a property…

Q: How can a limitation of authority ultimately affect a contract?

A: The condition in which the individuals within an organization are limited to do certain things in…

Q: you can only sign and seal plans over which you have had responsible charge, but what is meant by…

A: Responsible Charge  Responsible charge is nothing but the direct control and personal supervision of…

Q: in case there's an abiguity in an contract whose interpretation shall govern/be favored?

A: The following interpretation will be used in the event of an ambiguity in a contract. Unambiguous…

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.