Construction Contracts 1. Name and briefly describe each of the two basic types of competitively bid construction contracts. Which type would be most likely used for building the piers to support a large suspension bridge. Why? Two basic types of competitively bid construction contracts are lump-sum and the unit-price contract. The lump-sum contract is when the contractor agrees to complete all work for a pre-determined price including profit and the contract. The unit-price contract is when the
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the aspects of contract and negligence for business. There are agreements and contract in every business in recent than before. Verbal agreements are usually no longer used by the businesses. Written agreement in the form of contract is ore preferable to all. But‚ the profitability of contract is incomplete if the regulations and aspects are unknown. Well acknowledgement of contract in business provides a legal documentation securing the expectations of the parties involved. Contracts work as a safety
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Construction Contract Assignment A normal contract is an agreement with specific terms to do something in return for something and follows the procedure of offer‚ acceptance‚ consideration‚ contractual intention and form of contract. A standard building contract in essence has a lot of similarities however there are four main differences making it ‘special’. A normal sale of good contract has a visible end product‚ in construction on the other hand it’s a concept to start with; this creates a large
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TYPES OF CONTRACTS The risk shared between the buyer and seller is determined by the contract type. Although the firm-fixedprice type of contractual arrangement is typically the preferred type which is encouraged and often demanded by most organizations‚ there are times when another contract form may be in the best interests of the project. If a contract type other than fixed-price is intended‚ it is incumbent on the project team to justify its use. The type of contract to be used and the specific
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Cardillo Travel Systems‚ Inc. ACT 1 Russell Smith knew why he had been summoned to the office of A. Walter Rognlien‚ the 74-year-old chairman of the board and chief executive officer (CEO) of Smith’s employer‚ Cardillo Travel Systems‚ Inc. Just two days earlier‚ Cardillo’s in-house attorney‚ Raymond Riley‚ had requested that Smith‚ the company’s controller‚ sign an affidavit regarding the nature of a transaction Rognlien had negotiated with the United Airlines. The affidavit stated that the transaction
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QUASI-CONTRACTS UNDER INDIAN CONTRACT LAW TABLE OF CONTENTS: 1. Introduction 2. Kinds of Quasi-Contracts 3. Basis of Quasi-Contacts 4. Conclusion 5. Bibliography INTRODUCTION: Sections 68 to 72 deals with "certain relations resembling those created by contract" under Indian contract act‚ 1872. It incorporated those obligations which are known as "quasi contracts" under English
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is this class about‚” I thought to myself when I first registered for the Intro to Acquisition and Contract Management Class. Once I attended the class‚ I quickly realized that Government contracting is a big deal‚ because this is how the Government procures their goods and services. The U.S. federal government is the leading consumer of goods and services in the world‚ awarding Billions in contracts every year. There are rules and regulations mandated by Congress that have to be followed when procuring
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SOPHIA HENRY WEEK TWO ASSIGNMENT ETHICS: PROFESSOR KNOX GROUP A A newspaper columnist signs a contract with a newspaper chain. Several months later she is offered a position with another newspaper chain at a higher salary. Because she would prefer making more money she notifies the first chain that she is breaking her contract. The court will decide the legality of her action. But what is the morality? Did she the columnist behave ethically? An airline pilot goes for his regular medical checkup
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Psychological contract breach Nowadays managing the psychological contract is the main goal for organizations that strive for a ‘people building’ rather than a ‘people using’ organization (Guest & Conway‚ 1999). The concept of the psychological contract is complex but it provides a framework for the understanding of the employment relationship (Zhao et al.‚ 2007). A widely accepted definition of the psychological contract is defined by Rousseau (1995); she defined the psychological contract as ‘individual
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Labor Contract Law of PRC (English version) The Labor Contract Law of the People’s Republic of China was adopted at the 28th Session of the Standing Committee of the 10th National People’s Congress of the People’s Republic of China on June 29‚ 2007 and is hereby promulgated and effective as of January 1‚ 2008. President of the People’s Republic of China: Hu Jin-tao Labor Contract Law of the People’s Republic of China (adopted at the 28th Session of the Standing Committee of the 10th National
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