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Are liquidated damages clauses enforcible under Arizona law?
A liquidated damages clause is usually enforceable under Arizona law, depending on the type of contract involved. For example, Arizona code section 10-2016 allows such damages in a marketing contract. In general, liquidated damages are allowed where damages are hard to predict and quantify.
What are provisional sums?
The term 'provisional sum' is generally well understood in the construction industry. It is used in construction contracts to refer either to work which may or may not be carried out at all, or to work whose content is undefined. In either case, the parties will not attempt to price it accurately when they enter into their contract. Instead, the provisional sum is usually included within the contract price as an approximate guess. The contract normally provides expressly how it is to be dealt with. A common clause provides for the provisional sum to be omitted and an appropriate valuation of the work actually carried out substituted for it.
What is difference between variation and provisional sum?
Provisional sum is an amount quoted for an item in a tender document where all of the design information is not fully specified. The provisional sum should be as accurate as possible with the information to hand A variation is an item within a construction project that was not originally specified in the contract tender document and so is a 'variation to contract'.
What is a construction contract?
A construction contract can be explained as the warranty that ensures that the executed job gets the specific amount of compensation or the way compensation will be distributed. Moreover, a construction contract is negotiated specifically for the construction of an asset or a group of interrelated assets.
What are the components of construction contract software?
Construction contract software is often multifaceted and includes sections for both the business and payment aspect of the construction contract as well as the plans and human resources aspect.
Im looking for a solid construction contract template.Any contractors out there can give ne advice.?
Hello, you can find construction templates at: www.docstoc.com/search/Construction-Contract-Template/
What is contract sum?
it is to put an end
How does a company draw up a construction management contract?
A construction management contract is drawn up in line with CDM regulations. The contract outlines the specific duties for all parties involved from the very start of a construction project with a focus on Health and Safety.
What is established contract sum?
it is to put an end
What is the difference between limited liability and liquidated damages?
liquidated damages are agreed amount of money in case something goes wrong in the fulfilment o f a contract while limited liability is liability to certain amount in case of things go wrong
What are liquidated damages?
Liquidated means the amount is determined or can be readily calculated (adding interest or penalties, for example). In rare cases, a contract may specify damages in the event of a breach or there may be a statute allowing an amount certain for violations pursued in a private cause of action.
Can you back out of a construction contract?
Yes but..... You will ruin your rep....
