What are conditions of contract for construction?

These conditions of contract in construction is intended to indicate the circumstances under which an extension of the time limit may be granted to the site contractor by the owner. A typical clause can be framed as below: The engineer-in-charge may grant such an extension of time on reasonable grounds.

What is contractual arrangement in construction?

Contractual arrangements are written mutual agreements, enforceable by law, between two or more parties that something shall be done by one or both.

What are the major contract types for construction projects?

Construction Contract Types Every Builder Should Know About

• Cost-Plus Contract.
• Design-Build Contract.
• Guaranteed Maximum Price Contract.
• Incentive Construction Contracts.
• Integrated Project Delivery Contract.
• Lump-Sum Contract.
• Time and Materials Contract.
• Unit Price Contract.

What is contract in construction project?

A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. A construction contract is an important document as it outlines the scope of work, risks, duties and legal rights of both the contractor and the owner.

What are the three types of contractual conditions?

Types of Conditions Conditions precedent, conditions concurrent, and conditions subsequent are types of conditions that are commonly found in contracts.

What are contractual conditions?

Contract Conditions This means that each of the parties is obligated, or required, to perform a duty under the contract. The contract conditions determine the parties’ obligations. A condition is an act or event that affects a party’s contractual duty. It is a qualification that is placed on an obligation.

What are contractual agreements?

The definition of a contract (contractual agreement) is as follows: A legally binding agreement with specific terms between two or more persons or entities. It is, therefore, vital that you understand the ramifications of a contract before the agreement is finalised.

What are the three basic types of documents used in construction contracts?

Here is a list of the most common construction contract documents, and what they include.

• The Construction Agreement. The agreement is the most fundamental document in a construction contract bundle.
• General Conditions.
• Special Conditions.
• Scope of Work.
• Drawings.
• Specifications.
• Bill of Quantities.
• Construction Schedule.

What is contractual condition?

What Is a Condition in a Contract? A condition in a contract is an event or act that obligates a party to perform an action or render a performance as specified in the contract. Basically, it’s a certain qualification that’s placed on a promise.