A guaranteed bond is a bond whose interest and principal payments are guaranteed by a third party.
section 4E
The final account is the conclusion of the contract sum and signifies the agreed amount that the employer will pay the contractor.
When used in conjunction with a landscape construction contract, the JCLI LMWC should last for at least the duration of the rectification period.
JCLI states that the Rectification Period is 12 months after Practical Completion, unless otherwise agreed.
Latent defects may not become apparent until a few or many years after the completion of the project whereas patent defects on the other hand, are the one that are immediately obvious.
Limitation is a time-limit of when a party can raise a claim and is provided for in the Limitation Act 1980, although parties can agree in a contract that a shorter or longer limitation period will apply.
The Certificate of Making Good Defects is a certificate that is in relation to the completion of defects, imperfections, shrinkage and any other fault raised during the Defects Liability Period.
The Penultimate Certificate is produced by the Contract Administrator stating that the Contractor has achieved Practical Completion.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
If the Client requests from the Contract Administrator to issue Partial Completion for specific sections of the works/site in order to obtain occupancy.
The Certificate of non-completion is issued by the Contract Administrator when the Contractor fails to meet the agreed Date of Practical Completion.
The date of Practical Completion is the date set be the Contract Administrator and agreed by the Contractor that all works under the contract will be completed.
Practical completion is the point in construction when the Contract Administrator confirms the completion of construction works of a project.
Partial Practical Completion is the passing of control and responsibility of a site’s completed areas back to the Client while there are still works to be done in other areas of the site scheduled to be completed at a later time.
Both the rectification and maintenance period start as soon as the project reaches Practical Completion and run for the same time approximately.
Liquidated damages are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
The final certificate is a certification by the contract administrator that a construction contract has been fully completed.
A snagging list is one that lists all these minor defects or omissions that the contractor still needs to make right, before Practical Completion.
A Contingency is an item found within a Bill of quantities (BoQ). This item refers to unforeseeable costs or risks likely to be incurred during the contract.
Bonds in construction provide security by guaranteeing that a contractor will complete a project according to the terms and conditions outlined in the contract