Project Delivery Methods, Contract Terms, Project Documentations and Quality
Assurance Systems CONTRACT ENVIRONMENT Construction is product oriented activity. It has many dimensions. One dimension is Business Business world is structured by contractual relationships and busines aspects of construction require the establishment of legally binding relationships. So, construction firms are referred as “contractors.”
A construction contract is a legally binding agreement between two parties on
the details and cost of a construction project. This type of contract covers very expensive, complex projects and simple renovations. Construction contract includes three basic elements: project scope, schedule of work and payment details…