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Time-related preliminary items are directly associated with the duration of the project. The longer the project takes to complete, the higher the costs for these items. They typically have a unit of measurement linked to time, such as 'Month.
EOTs are a crucial mechanism in construction contracts for managing the inevitability of delays and their impacts on the project. They provide a structured process for acknowledging and accommodating delays, ensuring fairness for the contractor while maintaining the project's integrity and timelines.
The JCT contracts use the phrase 'direct loss and/or expense' in various clauses—see for example clause 4.19 of the Design and Build Contract 2016, which provides that the contractor is entitled to reimbursement where it incurs direct loss and/or expense as a result of certain disruption events.
Prolongation costs, sometimes referred to as time-related costs or extended overheads, are the extra expenses incurred by both the contractor and the employer when a construction project exceeds its originally planned completion date.
How To Write A Construction Contract With 7 Steps Step 1: Define the Parties Involved. Step 2: Outline the Scope of Work. Step 3: Establish the Timeline. Step 4: Determine the Payment Terms. Step 5: Include Necessary Legal Clauses. Step 6: Address Change Orders and Modifications. Step 7: Sign and Execute the Contract.
How to draft a contract in 13 simple steps Start with a contract template. Understand the purpose and requirements. Identify all parties involved. Outline key terms and conditions. Define deliverables and milestones. Establish payment terms. Add termination conditions. Incorporate dispute resolution.
What should I include in a construction contract template? Name and contact information of the project owner. Name and contact information of the contractor. Legal description of the property being worked on. Detailed description of the work to be completed. Completion date and date of final payment.
