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Write the title and a little preamble. ... Describe the work that will be done. ... Include financial information. ... Include payment due dates and fees. ... Provide a project description. ... Describe how any changes to the work order will be handled. ... Decide how to resolve disputes and claims.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more owners, and one or more contractors.
Construction projects also have great risks. The purpose of the construction contract is to (1) allocate the duties between the parties, (2) recognize and allocate the risk to the different parties, and (3) reduce the uncertainty surrounding the project and allow the parties to plan for the project and the future.
Write the title and a little preamble. ... Describe the work that will be done. ... Include financial information. ... Include payment due dates and fees. ... Provide a project description. ... Describe how any changes to the work order will be handled. ... Decide how to resolve disputes and claims.
A general contractor is responsible for providing all the material, labor, equipment (such as engineering vehicles and tools) and services necessary for the construction of the project. A general contractor often hires specialized subcontractors to perform all or portions of the construction work.
In microeconomics, the contract curve is the set of points representing final allocations of two goods between two people that could occur as a result of mutually beneficial trading between those people given their initial allocations of the goods.
An initial endowment 'w' represents the amount of commodities X & Y individuals A & B have available before trade. ... One goal of general equilibrium analysis is to determine if it is possible to make individual 'A' and/or individual 'B' better off through the process of exchange given their initial endowments.
How does the utility possibilities frontier relate to the contract curve? The utility possibilities frontier plots the utility levels of the two consumers for all points on the contract curve. ... Points outside the frontier are not feasible unless the individuals are given greater amounts of one or both goods.
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