Summary: Contract Practice Part 2
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Read the summary and the most important questions on Contract Practice Part 2
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1 Contract Practice Part 2
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1.1 Payment Provisions
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What is an advance payment in construction contracts?
A payment made to the contractor before work begins to assist mobilisation. -
What is an interim valuation?
A periodic payment assessment for work completed during the project. -
Why are interim payments important?
They maintain contractor cash flow and ensure project continuity. -
What is retention in construction contracts?
A percentage withheld from payments to ensure contractor performance and defect rectification. -
What are materials on-site payments?
Payments for materials delivered and stored at the construction site. -
1.2 Price Fluctuation & Adjustment
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What is price fluctuation in construction contracts?
Adjustment of contract price due to changes in labour or material costs. -
Which FIDIC clause addresses price adjustments?
Clause 13.8 – Adjustments for changes in cost. -
Why are fluctuation clauses used?
To protect contractors from significant inflation during long projects. -
When are fluctuation clauses typically used?
In long-term contracts where material price volatility is expected. -
1.3 Variations & Change Control
This is a preview. There are 4 more flashcards available for chapter 1.3
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What is a variation in construction contracts?
A change to the scope of work instructed by the client or engineer.
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