Time Extension For Construction Project In Cuyahoga
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A contract extension is the act of prolonging the duration of an existing agreement without altering its other terms, ideal for when the current terms continue to serve both parties' interests.
What does Extension of time mean? A mechanism by which a contractor requests a longer period than had been contractually agreed in order to complete the building works. A contractor will usually make a request for an extension of time and give reasons for it.
What Is an Extension of Time in Construction? An EOT (extension of time) is a request to move the completion date of a project due to causes that could not be foreseen at the time of contract signing. EOT requests can come from the following reasons: Adverse weather conditions.
Extension of time (EOT) clauses are an essential element of infrastructure contracts. Legally an EOT regime is required to preserve the ability of the Principal to claim liquidated damages. In some contracts, the entitlement to an EOT for delays caused by the Principal's acts of prevention is not specified.
An extension of time is a provision in construction contracts allowing the project completion date to be adjusted due to legitimate delays. Without it, contractors might face penalties for delays beyond their control. EOT is not just about buying time. It's also about fairness.
If a valid extension of time was not granted to a contractor for a particular period, it does not automatically entitle the contractor to recover damages from the owner. The contractor may simply have a valid defence to any claim brought by the owner against the contractor in respect of the period in question.
What does Extension of time mean? A mechanism by which a contractor requests a longer period than had been contractually agreed in order to complete the building works. A contractor will usually make a request for an extension of time and give reasons for it.
