We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Tendering and Contracts Topics - Essay Example

Comments (0) Cite this document
Essay Topics Name School of Engineering, Science and Primary Industries Tendering and Contracts Topics There are three different types of contracts under NZS 3910: 2003 (Weatherall & Curran, 2010, p.1). They are the lump sum contract, measures and value contract and the cost – reimbursement contract…
Download full paperFile format: .doc, available for editing
Polish This Essay96.8% of users find it useful
Tendering and Contracts Topics
Read TextPreview

Extract of sample
"Tendering and Contracts Topics"

Download file to see previous pages Lump sum contracts are the simplest type of contracts used in engineering and construction. They are also called stipulated sum, as this is the simplest type of an agreement among the supplier of services and a customer (Oklahoma State University, n.d., p.1). The customer pays the price upon completion of the agreed work, or as agreed. The price offered by the supplier of services is based on estimation of the costs of labour and materials, and a standard amount for overhead and the desired amount of profit (Oklahoma State University, n.d., p.1). Profit and overhead are usually estimated to the total of about 12-16 percent of the project cost (Oklahoma State University, n.d., p.1). This share increases with risk (Oklahoma State University, n.d., p.1). In case the final costs of labour and materials are higher than the builder's estimate, the profit is reduced (Oklahoma State University, n.d., p.1). When final costs are lower, profit increases. However, the price of the project remains the same. Though there are advantages of this contract, problems might arise as well. In cases where costs turn out to be higher than first estimated, the provider of services might attempt to substitute cheaper materials for those first specified (Oklahoma State University, n.d., p.1). ...
ed plan of activities must be defined ahead of time; owner’s financial risk must be low and fixed at the beginning; there must be sufficient time to design the project properly and bid (Oklahoma State University, n.d., p.1). Unless these requirements are met, this type of a contract should not be used. This contract is thus usually used with “Design-Bid-Build method of project procurement” (Oklahoma State University, n.d., p.1). In this method, project planning is outsourced and separated from project execution (AECOM CONSULT, 2006, p.i ). Transportation companies have traditionally used it. Another type of contracts is the measures and value contract. Unlike in the lump sum contract, here the final cost of the project is established upon completion. Before the outset, costs are estimated. Upon completion, costs are re – measured in order to establish the actual cost (Royal Institution of Chartered Surveyors, 2012). Instead of receiving one final bill, the owner receives “the bill of quantities,” which is composed of a schedule of rates for each unit or item (Royal Institution of Chartered Surveyors, 2012). This type of contracts is best suited for projects where the initial design cannot be completed ahead of time. Drawings and a bill of approximate quantities is usually produced (Royal Institution of Chartered Surveyors, 2012). They are recommended for the residential projects (Georgie P Landscape Architecture Ltd, n.d., p.1). The advantage of this contract over the lump sum is that the program for design, tendering and construction is shortened (Royal Institution of Chartered Surveyors, 2012). However, here the owner of the project suffers the unexpected costs of the project. This type of a contract is also used in the design – bid – build method of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 words”, n.d.)
Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 words. Retrieved from https://studentshare.org/management/1399316-essay-topics
(Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 Words)
Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 Words. https://studentshare.org/management/1399316-essay-topics.
“Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 Words”, n.d. https://studentshare.org/management/1399316-essay-topics.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Construction and organisation management. Tendering and estimating
The things were at its worse in 2009-10 but now on the road to recovery as the markets are gaining back its confidence and the government is providing financial as well as policy based stimulus. According to Construction Skills Network CSN has assessed that the UK’s construction market abruptly contracted by 13% in 2009-10.
10 Pages(2500 words)Essay
Commercial Contracts
In the Law of Contract, the literal approach seem to be the default position for courts in terms of interpreting contracts2. However, important changes in the English legal system has caused courts to move from the mere literal approach to a more critical purposive approach3.
10 Pages(2500 words)Essay
Federal Contracts
For this particular case, whereby an individual is interested in developing small control aircrafts to expand his/her business by competing for Department of Homeland Security contracts; there are numerous low-interest loan program that offer startup financing.
3 Pages(750 words)Essay
Contracts & Procurement
In order to sustain themselves, the family sold this property to a consortium of businessmen for an undisclosed payment. Heriot development, the consortium, now plans to develop this site to accommodate a hotel and country club. The existing Whitegates House is to be converted into a luxury hotel.
10 Pages(2500 words)Essay
Frustrated Contracts
These two acts by Dixie Wholesalers on their own behalf, effectively gave them two faces in regards to their cargo and its transport. It put Dixie Wholesalers in the position of ‘consignor’ and ‘consignee’, of a f.o.b. shipment.
14 Pages(3500 words)Essay
Construction contracts
The client has therefore requested that the progress of the project be evaluated so that possible solutions may be conceived and evolved that will help in identifying the areas that may be accelerated in order to hasten the pace of construction. The client,
8 Pages(2000 words)Essay
Following the offer, the offeree must either in express or implied terms accept to enter into the agreement to fulfill he/her part of the bargain under the terms and conditions specified. Parties must be of sound mind and of legal age
1 Pages(250 words)Essay
Mr. Wood sued her for the breach of contract following her direct participation in the same business, now alone and without sharing the proceeds with Mr. Wood (Smith 29). The lower appellate court
2 Pages(500 words)Assignment
International Construction Contracts
The English contract law is also experiencing gradual changes due to the membership of UK of international organizations and the European Union. Any agreement that can be enforced by the court is regarded as a contract. Since a contract is a voluntary
15 Pages(3750 words)Essay
Employment Contracts –This contract is an agreement between the employer and its employees and is essential for any business that plans on hiring workers (McKendrick Pg67). The contract contains the details pertaining to issues such as the payment, duties and responsibilities of the employee as well as other subject matters with regard to the relationship between the employee and the employer.
2 Pages(500 words)Essay
Let us find you another Essay on topic Tendering and Contracts Topics for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us