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
GRAB THE BEST PAPER92.1% 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
(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.
“Tendering and Contracts Topics Essay Example | Topics and Well Written Essays - 3500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Tendering and Contracts Topics


...? Contracts work 10/20 Executive Summary The recommendation described below reflects the assessment of this based on the provisionsindicated by the NEC3-ECC contract frame work. I shall describe an alternative framework that may provide more understanding and coverage as far as ensuring project completion. The combination of the two frameworks shall be the recommended convergence of two frameworks designed at completing projects. AOS Development is a national housing development company in Edinburgh and has embarked on eighty housing units developments in Skye, Scotland. The consultant’s documents were submitted on time, planning permissions gained and quotes received from various contractors. The project...
12 Pages(3000 words)Coursework


...?Question Family nurse practitioners (FNP), while caring for the health condition of families, are in the best position to contribute in the development of a family-centered orientation to primary health care, as they have better understanding on the varying needs of families and on the different family dynamics that may contribute or hinder successful primary health care (PHC). FNPs’ personal knowledge of the family and their professional training as nurses sufficiently capacitate them to assess and evaluate the vulnerability of the family members and the impact that one family member’s health condition may effect on the overall condition of the family. Such information would greatly help FNP to work collaboratively with families...
2 Pages(500 words)Essay

Construction contracts

...?Introduction Construction contracts are created in order to document the various specifications set out between the employer and the contractor as well as any other involved parties. Even though most details are settled before the actual construction begins, it is generally true that most construction contracts require modifications and changes. As construction proceeds, any changes introduced in the construction process are termed as “variations”. Any forms of variations in construction are reflected in the construction contract through the utilisation of variation clauses settled in the original contract. Even though the variation clauses provide for any modifications...
10 Pages(2500 words)Research Paper


...Essentials of a Valid Contract of Essentials of a Valid Contract The determination as to whether a contractual agreement exists between any two parties to an agreement, six salient requirements must be fulfilled. The establishment of a contractual relationship begins with the offeror manifesting his/her willingness to fulfill the desired promise under specified terms and conditions. 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 make legally binding decisions. Minors or persons with unsound mind lack the capacity to...
1 Pages(250 words)Essay


...Insert Wood v. Lucy, Lady Duff-Gordon (1917) Facts Lucy Lady Duff-Gordon was a popular public figure who attached her togoods in order to improve sales in return for compensation. She hired Mr. Wood to assist her and allegedly forfeited the exclusive rights of issuing licenses out to third parties to her new agent under an arrangement that would entitle her to half of the returns obtained therefrom. 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). Issue The court was to determine whether Ms Duff-Gordon was in breach of the earlier contract. Decision The lower appellate court...
2 Pages(500 words)Assignment


...Contracts A contract can be described as an agreement between two or more parties pertaining to the details of the various particulars that have been settled upon in this understanding. It holds legal viability and therefore can serve as a means of protection for individuals ensuring that they are not dealt with in an underhanded manner after an agreement has been made. It can also serve as evidence of the agreement that is in place(McKendrick Pg2). There are a number of different contracts that are available to an individual and they can be of use depending on the particular situation, some of the more common contracts that help most individuals involved in business...
2 Pages(500 words)Essay

Difference between void contracts and voidable contracts

...Differences between Void Contracts and Voidable Contracts I.D. of the Differences between Void Contracts and VoidableContract Void Contract In most simple terms, a void contract can be defined as: “A contract having no legal force or binding effect” (Cross and Miller 2011, p. 752). So a void contract is no contract at all. According to Schaffer, Agusti, and Earle (2008), there are four essential elements of a contract as per the common law requirements. First, mutual assent on the part of the contracting parties is necessary, and the contract has to be...
2 Pages(500 words)Assignment


...a satisfactory manuscript, the Authors obligation to repay such monies to the Publisher will be delayed until the Author has made arrangements with any third party for exploitation of rights in any version of the Work or of any other work on a similar topic; repayment will be made to the Publisher out of the first and, to the extent necessary, all subsequent monies received from any third parties with respect to any version of the Work or of any other work on a similar topic until the Publisher is repaid in full. Upon the Author’s receipt of notice that the Work has been rejected, the Author may elect to offer any rights in the Work that were granted to the Publisher by this Agreement to third parties...
2 Pages(500 words)Assignment


...1) There is a valid contract between Adam and Bill since they agreed on two aspects; to open a joint venture and that Bill would sell Adam the restaurant in three years depending on its profitability. As a point of departure, it should be noted that a contract is a legally enforceable agreement between two or more people (Gibson, 1988). A contract can be verbal or in written form. Though Bill refused to sign the contract, the verbal agreement reached is binding. When a contract is created there is an offer and acceptance of that offer. Bill offers to sell Adam the restaurant and Adam accepted and this shows that a valid contract was...
1 Pages(250 words)Assignment


...Express Warranty A warranty refers to guarantees, assurances, or promises that consumer good will do what it is intended to do (Margaret 123). The warranty usually has limits to what it covers (124). The United State has various Federal and State laws that govern warranties, in particular, furniture, and the remedies associated with the warranties (125). Section (2), clause (106) of Business and Trade Code defines a contract for sale as a contract to sell goods later in future or current sale of goods. In clause (401), the term sale means exchanging the ownership of goods for a price to the buyer from the seller. Clause (213) of section (2) states that express warranties are usually in the form of a...
1 Pages(250 words)Essay
sponsored ads
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.

Let us find you another Essay on topic Tendering and Contracts Topics for FREE!

Contact Us