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ASSIGNMENT NONSTANDARD FORM OF BUILDING CONTRACTS IN NIGERIACOMPILED BY:MOTTO I.ARC/04/3220 OLUWAFEMI A.O. ARC/04/3217SUBMITTED TO THE DEPARTMENT OF ARCHITECTUREFEDERAL UNIVERSITY OF TECHNOLOGY,.
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UNPRICED FAQ
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Standard form contracts fulfil an important efficiency role in the mass distribution of goods and services. Essentially, it helps to legalize a transaction by having a ready-to-sign contract without having to take the burden of making one for every single transaction. This reduces time, effort and transaction cost.
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All contracts must have four essential elements, namely, offer, acceptance, consideration, and intention. When a party accepts an offer made by the other party, it forms a contract. The value of reciprocal promises between the parties is called consideration.
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The most common standard forms of construction contract in Nigeria are: the Joint Contract Tribunal (JCT) standard form of contract (without quantities), 2005 Edition; the standard form of building contract in Nigeria, 1990 (SFBCN); the International Federation of Consulting Engineers Contract (FIDIC), otherwise known ...
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What are examples of common standard form contracts? A standard form contract is generally understood as a set of standard terms and conditions that is issued on a repetitive basis to multiple people, for example, a gym membership application form or the terms and conditions governing an electricity service.
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A standard form contract is the type of contract signed between two parties. In these contracts, one party sets the terms and conditions, whereas the other one does not have any ability to negotiate.
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The legal requirements for the creation of a legally binding contract in Nigeria are offer, acceptance, consideration, intention to create legal relations and legal capacity.
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Standard Form Contracts are agreements that employ standardised, non-negotiated provisions, usually in pre-printed forms. These are sometimes referred to as 'boilerplate contracts', 'contracts of adhesion', or 'take it or leave it' contracts.
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