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The first in a suite of documents to replace NZS 3910:2003. NZS 3916:2013 Conditions of Contract for Building and Civil Engineering Construction Design and Construct was released earlier this month and NZS 3917:2013 Conditions of Contract for Building and Civil Engineering Construction Fixed Term is due for publication later this year. It is widely accepted that NZS 3910 is the form of contract most commonly used for building and civil engineering construction contracts in New Zealand,.
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Separable FAQ
It is a standard form that contains general conditions of contract for incorporation into building and civil engineering construction contract documents, suited to New Zealand's industry and legislative environment.
Three Common Construction Contracts FIXED PRICE. Fixed price construction contracts, also commonly referred to as “lump sum” or “stipulated sum” contracts, are the most common types of construction contracts. ... COST PLUS. ... GUARANTEED MAXIMUM PRICE.
Provides a standard form of general conditions of contract for incorporation into construction contract documents. It enables Principals, Engineers, and Contractors to quickly establish contractual arrangements that deliver a wide variety of building and civil engineering projects.
A lump-sum contract (also called a fixed price contract) names a total price for the entire job. This price accounts for all time and materials regardless of changes or issues. This type of contract protects owners against unforeseen changes and setbacks.
Construction contracts protect both parties in the agreement. These construction administration documents detail what work will be completed, when it will be completed and how much it will cost. They also outline methods of communication and how disputes will be handled if they arise.
It is a standard form that contains general conditions of contract for incorporation into building and civil engineering construction contract documents, suited to New Zealand's industry and legislative environment.
5 Key Elements Every Construction Contract Should Contain 1) The project's scope. ... 2) The cost and payment terms. ... 3) The project's time frame. ... 4) Protection against lien law. ... 5) Dispute resolution clauses.
There are five key elements of a valid contract; a clear offer, unequivocal acceptance, adequate consideration, an intention for all parties to enter into legal relations and certain terms.
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