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What is a general contractor?
A general contractor is a group or individual that contracts with another organization or individual (the owner) for the construction or renovation of a building, road or other structure. A general contractor is defined as such if it is the signatory as the builder of the prime construction contract for the project A general contractor is responsible for the means and methods to be used in the construction execution of the project in accordance with the contract documents. Said contract documents usually include the contract agreement including budget, the general and special conditions and the plans and specification of the project that are prepared by a design professional.
What is mobilisation guarantee and advance payment guarantee?
In civil construction projects advance is given to the contractor which is known is as Mobilization Advance. It is normally 15% of the total contract value. The prerequisite for the issue of advance is that contractor has to provide a guarantee in the shape of Bank or Insurance equal to the amount being issued to the contractor. Mobilization advance is deducted from the bills of contractor in equal installments covering the project period. On completion of recovery Guarantee provided by the contractor is released.
Clauses involved in contract documents of between contractor and a client?
no
What is contractual bond?
A "contract" bond is a guarantee that has been issued by an insurance company. The contract bond guarantees that the "contractor" will perform a service according to the specifics of a contract.
What is a downside guarantee on a contract?
A downside is guarnateed wages. For example, if you have a $100k contract, with a $50k downside, this means even if no work is performed, the contractor still receives $50k.
What stage of construction cycle is managed by both a contractor and client?
the contractual portions of the agreement of a contract
What is mobilization cost?
the cost for transfer of a contractor's physical and manpower resources to a construction site until the completion of the contractthe cost for transfer of a contractor's physical and manpower resources to a construction site until the completion of the contract
What is an engineering procurement and construction contract?
An Engineering Procurement and Construction (EPC) contract is a type of construction agreement where a single contractor is responsible for the design, procurement of materials, and construction of a project. This contract delineates the roles and responsibilities of the contractor, ensuring that the project is delivered on time, within budget, and to the specified quality standards. EPC contracts are commonly used in large-scale projects, such as infrastructure and industrial facilities, allowing for streamlined project management and accountability.
What are the various construction documents necessary for a construction project?
Construction Documents start in the bidding phase and the binding contract documents consist of #'s 2-71. Bidding RequirementsInvitation to bidInstructions to biddersInformation for biddersBid forms and AttachmentsBid Security forms (Bid Bonds)2. Contract formsAgreementPerformance BondPayment BondCertificates (Licenses)3. Contract ConditionsGeneral Conditions (AIA 201-____)Supplementary Conditions4. Specifications of divisions 1-165. Drawings6. Addenda7. Contract Modifications
What is epc prime contract?
An EPC prime contract is a type of contract used in construction and engineering projects, where "EPC" stands for Engineering, Procurement, and Construction. In this arrangement, a single contractor (the prime contractor) is responsible for the entire project, from design and procurement of materials to construction and commissioning. This approach streamlines project management, as the client has a single point of contact and accountability, which can enhance efficiency and reduce risks associated with project delays and budget overruns.
What is the difference between security deposit and performance guarantee?
Security Deposit is the amount kept by the customer towards the guarantee against completion of a contract.;where as performance guarantee is the guarantee given by the contractor towards performance quality of the executed job/supplied product.Thus requirement of security deposit ends with complete execution of the contract whereas Performance guarantee holds till the period of warranty/defectliabilityis over.
What does mobilization mean when used in construction bid terms?
The term mobilization, when used in construction bid, is the activation of a contractor's physical resources for transfer to a construction site. It also refers manpower until the completion of the contract.
