Contractual Rights & Third Parties

6 important questions on Contractual Rights & Third Parties

What is the meaning of assignment in contract?

Transfer of contractual rights only to another party.

What is a collateral warranty?

A warrenty protect third parties such as investors, tenants, or lenders.

What is an extension of time (EOT)?

Adjustment to completion date due to excusable delays.
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What are liquidated damages?

Pre-agreed damages payable for delay.

What is practical completion?

Stage when the project is sufficiently complete for use by the client.

What is the defects liability period?

Period after completion when contractor must correct defects.

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