CONTRACT DOCUMENTS

CONTRACT DOCUMENTS - CONTRACT DOCUMENTS i) The Agreement =...

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CONTRACT DOCUMENTS i) The Agreement = (1) document formalizing construction contract (2) single instrument bringing together all contract segments by reference (3) includes: (a) completion time (b) liquidated damages (c) payments to contractor ii) Retainage (1) Owner holds back a specified amount (i.e. 10% of costs) until project is completed iii) Warranty Period (1) Obligates contractor to correct defects brought to attention by owner during a specified time period after completion (2) Claim must be made w/in a “reasonable time (3) One year is a common warranty period (4) Up to 5 years (utility construction) iv) Contract time (1) “reasonable time” for completion if completion date is not specified (2) Common terminology: (a) “at the earliest possible date” (b) “as soon as possible” (c) “without delay” (d) “calendar days” (e) “work days” (f) “time is of the essence” AVOID (i) Project must be completed by the specified date or contractor is
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This note was uploaded on 03/30/2008 for the course COSC 153 taught by Professor Peterson during the Spring '08 term at Texas A&M.

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CONTRACT DOCUMENTS - CONTRACT DOCUMENTS i) The Agreement =...

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