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Published byKaterina Custis
Modified over 2 years ago
What is a Contract? Agreement between two parties (both sides think they will benefit) Legally enforceable
Contract defines important parameters of the agreement Scope of what is being exchanged Schedule Price Risk sharing
Why enter into a contract? To use the resources or expertise of others To complete a project or achieve a result To acquire rights or property
OwnerOwner ContractorContractor ContractorContractorContractorContractor ContractorContractor Pipeline
Contract Blunders Selecting the wrong contract partner Not defining contract parameters (or not matching them to the situation) Unenforceable provisions (illegal, unreasonable or erroneous) Not following the contract
OwnerOwner Pipeline EngineerEngineer Sub- Consultant ContractorContractor
Contract management recommendations Quality based selection Appropriate risk sharing Partnering agreements Standard contract documents
Standard Contract Forms AGC AIA EJCDC Agency standard form Consultants standard form
Template/Standard Is familiar to parties involved Has legal precedent Uses established terminology Lowers risk and costs
Modifying the Contract Adapt to project needs (supplemental or special conditions) Deal with the unexpected Mutual agreement
Construction Contract Documents Bidding documents Agreement Standard conditions Supplemental conditions Technical specifications Addenda Change orders
Management Tools Progress meetings Progress reports Payment applications Progress incentives / delay damages Retain a construction manager
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