P&L HW 6 - 09/27/07 CEE 4804 Case 6: STERLING...

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09/27/07 CEE 4804 Case 6: STERLING CONSTRUCTION COMPANY v. SMITH PROPERTIES Overview: The owner of an accounting firm decided to build an office complex for his firm and to lease the extra space to other people. The owner developed the office through the company he started, which is called Smith Properties . Smith Properties bought the property for development and pulled out a loan in the amount of $1,681,098.64 for construction of the buildings and site improvements. Sterling Construction Company was contracted for the project for a guaranteed maximum price of $1,600,252.00. There was an additional $80,000.00 put into the contract for unforeseen contingencies. Key Facts: Sterling began construction for the project in February 1998 while also supervising all subcontractors. Smith Properties and Sterling Construction met on a regular basis to discuss the progress of the project. Changes in the original plans were occurring between their meetings. Sterling Construction had all of these changes approved by Smith Properties, but the problem is
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This note was uploaded on 04/17/2008 for the course CEE 4804 taught by Professor Adsonger during the Fall '07 term at Virginia Tech.

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P&L HW 6 - 09/27/07 CEE 4804 Case 6: STERLING...

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