Contracts and Specifications Flashcards
This is a written undertaking regarding agreements that are enforceable by law
Contracts
What are the 4 parts of Bidding and Contract Awards
- Bid Process
- Bid Analysis
- Award Process
- Insurance & Bonding
Inclusions of Bid Process
Bid package
Invitation to bid
Instruction to bidders
Inclusions of Bid Analysis
Bid Form
Bid Leveling
Construction Contracts:
10 Contract Elements
Offer and Agreement
Intention to create legal relationship
Lawful considerations
Capacity of parties
free consent
legality of the subject
certainty
possibility of performance
void agreements
writing registration and legal formalities
In this type of contract, the contractor offers to do the whole work as shown in drawings and described by specifications, for a total stipulated sum of money.
Lump Sum Contract
Also called a schedule contract, in this contract, the contractor undertakes the execution of work on an item rate basis.
Item Rate Contract
In this type of contract the contractor offers to do a particular work at a fixed sum within a specified lime as per plans and detailed specifications.
Lump Sum and Scheduled Contract
Cost plus fixed fee contract is desirable when the scope and nature of the work can at least be broadly defined.
Cost Plus Fixed Fee Contract
In this type of contract, instead of awarding the work on a lump sum or item rate basis, it is given on a certain percentage over the actual cost of construction.
Cost Plus Percentage of Cost Contract
There are certain contracts which are used at different occasions.
Special Contracts
is an integrated contract in which all works pertaining to various disciplines such as civil, electrical, mechanical etc. are in a single contract called the main contract.
Turnkey Contract
two or more related jobs, each of which could form a separate contract are combined in a single contract.
Package Contract
In this type of contract, negotiation across the table takes place between the representatives of the owner and the main contractor for the project cost and other conditions of contract.
Negotiated Contract
In this type of contract, new or additional work is awarded to the contractor on the basis of the agreed terms and conditions of an existing contract.
Continuing Contract
Such contracts provide goods and services at specified intervals or as on when required by the owner.
Running Contract
In this type of contract, several firms combined their assets , plan and personnel to undertake such a project.
Joint Venture Contract
This is a third-party contract to build and then operate an asset (e.g dam, bridge, road) for a specific amount of time for a fee and then transfer the asset back to the contracting company or entity (usually a government entity).
Build - Operate – Transfer (BOT) Contract
BOOT is similar to BOT except that rather than receiving a fee for operating it. It receives the net income from the asset as if it owned it.
Build – Own –Operate –Transfer (BOOT) Contract
consists of the contract agreement (on non-judicial stamp paper of prescribed value) and the following set of documents, each page of which is signed both by the owner and the contractor.
Contract documents
Give the parts of a Contract Documents
Cover title Page
Notice Inviting Tender
Tender Form
Schedule of Issue of Materials
Drawings
Specifications
Conditions of Contract
are statements which describe the nature and class of work, materials to be used, labour to be employed, method of work, precautions to be taken, quality of workmanship etc.
Specifications
The specifications prepared for a particular job to accompany the working drawings are contract specifications.
Contract Specification
Types of Specifications
General specifications
Detailed specifications
