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TYPES OF CONTRACT
LUMP SUMP CONTRACT
ABOUT THE CONTRACT: In this contract, the client has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of unforeseen contingencies. Beside the fixed lump sum price, other commitments are often made by the contractor in the form of submittals such as a specific schedule, the management reporting system or a quality control program. PROS AND CONS: If the actual cost of the project is underestimated, the underestimated cost will reduce the contractor s profit by that amount. An overestimate has an opposite effect, but may reduce the chance of being a low bidder for the project
TYPES OF CONTRACT
PROJECT II
MAHARSHI JESALPURA(1506)
TYPES OF CONTRACT PROS AND CONS : possible substantial cash and time savings by using one party; predictable cost; and better execution of the project due to clearer understanding of the creative vision by the builder. Also, in the event of problems, the consumer may look to a single source for the responsibility for the finished product. In other words, whenever a problem arises in construction, the consumer will not be stonewalled by a separate builder and design professional each blaming the other for whatever error occurs. The documents for the solicitation of bids under design-and-build require a lot of up front details furnished by the consumer including a program setting forth the project scope and the size, type, and desired design character of the building and site; project specifications covering type and quality of materials and workmanship.
EPC CONTRACTS
ABOUT THE CONTRACT: The company is contracted to provide engineering, procurement and construction services by the owner. Think Design & Construct style contracts, where the project is largely Contractor managed and the cost risk and control are weighted towards the Contractor and away from the Owner. PROS AND CONS: The EPC contractor has direct contracts with the construction contractors.
TYPES OF CONTRACT
BOO contract
BOO (build, own, operate) is a public-private partnership (PPP) project model in which a private organization builds, owns and operates some facility or structure with some degree of encouragement from the government. Although the government doesn't provide direct funding in this model, it may offer other financial incentives such as tax-exempt status. The developer owns and operates the facility independently.
PROJECT II
MAHARSHI JESALPURA(1506)