Nevada Terms and Conditions of General Construction Contract
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FAQ
General conditions are an integral part of the construction contract. They consist of items and resources needed for project completion that will not be part of the finished product that is turned over to the owner.
Example. An example of General Conditions would be if the overall project duration is 12 months, personnel costs for a superintendent, project manager, and other management personnel then can be estimated.
To oversimplify, General Conditions is the bigger bubble of what is expected of how the project will run and General Requirements is the bubble within that lays out more detailed rules for said project.
What Is a Condition in a Contract? A condition in a contract is an event or act that obligates a party to perform an action or render a performance as specified in the contract. Basically, it's a certain qualification that's placed on a promise.
Types of Conditions Conditions precedent, conditions concurrent, and conditions subsequent are types of conditions that are commonly found in contracts. A condition precedent is an event that must exist as a fact before the promisor incurs any liability pursuant to it.
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Contract conditions set out the principal legal relationship between the parties to a construction project, determining the allocation of risk and consequently, price.
Validity Considerations. Getting the conditions of a contract right is essential to making sure the contract constitutes a valid agreement. A mistake or an inaccuracy that involves a misunderstanding between both parties and has a material effect on the contract can render the contract invalid.
There are three different forms of conditions. These are: Conditions precedent. Conditions concurrent, and.