The benefits for a client using bonds in a project include financial protection, reduced risk, enhanced credibility and peace of mind.
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section 4
The tender process in Local Public Authority (LPA) tendering refers to the procedures used by LPAs to select contractors for the delivery of construction projects.
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A prime cost is a type of budget item in construction projects that refers to the cost of a specific item or service that is procured separately from the main contract.
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When developing a budget for a construction project, several factors need to be taken into account, such as scope, risk management and obtaining licences among others.
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The restrictions imposed on a LPA when tendering include legal and political considerations, public procurement regulations, EU rules and transparency.
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The main difference between a contract under hand and a contract under seal is the formalities required for execution.
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A tender report is a document that summarizes the results of a tendering process and provides a detailed evaluation of the bids received from potential contractors or suppliers.
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It’s not common for a Quantity Surveyor to write the specification for a project, as this task is typically carried out by the design team.
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Several factors are considered when deciding on the most suitable procurement and tendering method such as risk, timing and uncertainty among others.
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Single-stage tendering and two-stage tendering are two different methods used in the procurement process to solicit bids from potential suppliers or contractors.
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A Pre-Qualification Questionnaire (PQQ) is a document that is used in the procurement process to assess the qualifications and capabilities of potential suppliers or contractors before they are invited to bid on a project.
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A subcontractor can be appointed to a main contractor in several ways, including through a nomination, naming or domestic subcontracting process.
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A contract administrator plays a crucial role in the construction industry, overseeing the day-to-day management of construction projects
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There are several main contract procurement methods, such as the Traditional, DnB, Partnering, Management and Frameworks.
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Dispute resolution is the process through which parties involved in a contract, seek a solution on a claim that one party has made against the other.
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A guaranteed bond is a bond whose interest and principal payments are guaranteed by a third party.
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The final account is the conclusion of the contract sum and signifies the agreed amount that the employer will pay the contractor.
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One common option is a performance bond so that money can be claimed from a guarantor bank at short notice, often simply on-demand.
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A performance specification is a document that specifies the operational requirements of a component or installation.
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A prescriptive specification conveys the requirements of a project through a detailed explanation of the materials that the contractor must use and the means of installing those materials.
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