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Should kellog walk away from Nigerian lng project once it became clear that payment of bribes might be required to secure contract?
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What is the standard on payment plans for a kitchen remodel?
There is no standard on payment plans for a kitchen remodel. There are typical payment plans where a deposit is paid when the contract is signed, which is generally 1/3 of the total cost of the project stated in the contract. The second payment of 1/3 is given at the half way mark. Then the final payment at job completion.
When is consent of surety required?
The consent of surety to final payment is issued by the surety company at the end of a project. The consent states that the owner reserves their right under the bond and the surety company agrees the final payment will not relieve them of any of its obligations.
What is a payment bond and a Performance bond?
Performance bonds protect the obligee (obligee is the entity requiring the bond)Requiring a performance and payment bond will insure that the project will be completedIf the principal defaults in its performance set forth in the contract to the obligee and the contractor is unable to successfully perform the job, the surety assumes the contractor's responsibilities and ensures that the project is completed. Below are the four types of contract bonds that may be required1. Bid Bond which guarantees that the bidder on a contract will pierce into the contract and equip the mandatory payment along with performance bonds. 2. Payment Bond which guarantees payment from the contractor of money to persons who furnish labor, materials equipment and also supplies for use in the performance of the contract. 3. Performance Bond which warranties that the contractor will hold out the contract in pact with its terms. 4. Ancillary Bonds which are auxiliary as well as crucial to the performance of the contract. Source http://www.integritybonds.com
Why is meeting the performance specifications of a project important?
Typically, performance specifications are guidelines laid out by the client as a way to inform the contractor of exactly how they want a job to be completed. Many times these specifications are linked to contract documents and are required to be completed by the contractor prior to receiving payment for the job.
What is the difference between lump sum contract and turnkey contract?
A lump sum contract is an agreement to make a one time payment for goods and services as specified by the purchaser in the agreement. A turnkey contract is an agreement to deliver a completed ready to use service or project without any specifications made by the purchaser.
What are the advantages and disadvantages of a turnkey contract?
A turnkey contract is one in which an independent agent agrees to furnish materials and labor to finish a project and then turn it over to the owner for a fixed price. Advantages for the business owner: No outlay of cash until the project is done. Advantages for the one making the project: Gets a lump sum payment when the project is turned over to the owner. Disadvantages for the owner: Trusting someone else to deliver a quality project. Disadvantages for the maker of the project: Outlay of cash for materials at the start.
Would you join a project with your friend without contract?
Yes you could join him. It also depends on the type of project, for huge project it is advisable to have a contract.
Why a project is required?
It depends on what organization. For some, a project is not required. For some, a project is their lifeblood. For some, a project is needed to realize, maintain, sustain or advance their goal and objectives.
What is the difference between contract and project?
A project is a temporary activity that ends with a new product being produced. A contract is temporary but a product doesn't have to be produced in contracts.
What is one purpose of contract administration?
Contracts administration is extremely important as it can mean the difference between the success or failure of a project. It is essential for the smooth running of any project, and ensures that everyone involved has a clear understanding of what is required, and that everyone is on the same page.
What is a percentage fee for a project manager from the overall project budget?
Project managers are not usually hired on a %fee basis but on a contract.
Difference between epc contract and bot contract?
EPC contract is an Engineering, Procurement and Construction contract that comprises entire project starting from designing, planning, procurement from third parties, clearance of goods, delivery, provision of spare parts, erection, commissioning, testing, completion of facility and correction of defects etc. BOT contract is a built, operate and transfer Contract which also comprises total responsibilities to build the entire project and after operating the project, transfer the same to the Owner of the project. Karuna Kumar
