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SUMMARY OF CONTRACT CONTINGENCY USE PREVIOUSLY PROVIDED TO COUNCIL Excerpted from the 8/7/14 City Managers Biweekly Report: Construction Contract Contingency Use (May 2014July 2014) The table below
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How to fill out contract contingency reports
How to fill out contract contingency reports:
01
Review the contract: Before filling out the contingency report, thoroughly review the terms and conditions of the contract to understand the specific contingencies that need to be addressed.
02
Identify contingencies: Identify any potential issues or circumstances that may trigger a contingency within the contract. These could include factors such as appraisal, inspection, financing, or any other agreed-upon contingencies.
03
Gather necessary information: Collect all the relevant information and documentation that pertains to the specific contingencies. This could include inspection reports, appraisal documents, financing information, or any other supporting paperwork.
04
Document the contingencies: Clearly outline each contingency in the contingency report, providing a brief description of the contingency and the specific actions that need to be taken to resolve it.
05
Specify deadlines: Make sure to include specific deadlines for each contingency, allowing sufficient time for the necessary actions to be completed. This helps to ensure that all parties involved are aware of the timeline for meeting the contingencies.
06
Fill out the report accurately: Provide all the required information accurately and clearly in the contingency report. Use concise and professional language to communicate the necessary details.
07
Seek legal advice if needed: If you come across any complex contingencies or legal issues while filling out the contract contingency report, it is advisable to seek legal advice to ensure compliance and accuracy.
Who needs contract contingency reports?
Contract contingency reports are typically needed in real estate transactions, where buyers and sellers include certain conditions or contingencies that must be met for the contract to proceed or be terminated. These reports are crucial in protecting the interests of all parties involved in the transaction and ensuring that the agreed-upon contingencies are properly addressed. Real estate agents, buyers, sellers, and their respective legal representatives often require contract contingency reports to track and document the fulfillment of these contingencies.
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What is contract contingency reports?
Contract contingency reports are documents that outline any potential risks or uncertainties in a contract.
Who is required to file contract contingency reports?
Contractors and subcontractors are required to file contract contingency reports.
How to fill out contract contingency reports?
Contract contingency reports should be filled out by detailing any potential risks or uncertainties in the contract.
What is the purpose of contract contingency reports?
The purpose of contract contingency reports is to identify and address any potential risks or uncertainties in the contract.
What information must be reported on contract contingency reports?
Information that must be reported on contract contingency reports includes potential risks, uncertainties, and mitigation strategies.
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