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37 standard form contracts standard form contract is

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Unformatted text preview: tractor is obligated to pay its subcontractors following receipt of payment from the owner. 37 Standard Form Contracts • Standard form contract is a contract between two parties where the terms and conditions of the contract are set by one of the parties, and the other party is placed in a "take it or leave it" position with little or no ability to negotiate terms more favorable to it. • Some owners build enough projects to generate their own forms. • Those may be project-specific, or for particular types of jobs or owners’ needs • Examples: – Hong Kong Government – Federal / state government – Companies e.g. MTRC • Some general contractors may also have their own subcontract forms, purchase orders, letter of agreement, etc. 38 Standard Form Contracts • Stanford forms of contract are also provided by various professional organizations, e.g. – FIDIC (International Federation of Consulting Engineers, in French) – NEC (The New Engineering Contract) – AIA (American Institute of Architects) – DBIA (Design-Build Institute of America) 39 Contract Documents • Formal agreement • General conditions of contract (GCC) – A stand...
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This document was uploaded on 01/28/2014.

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