Contracts & Insolvency

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Letter of Intent must address....
Contract sum, site posession date, completion date, proposed contract, a date to sign the contract
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JCt Design and Build Contract is...
where the contractor does the design AND build, for large or small projects, the employer must provide documents outlining their need, this contract is based on a lump sum with periodic payments
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Minor Works contract is used for...
small basic projects with value less than £250K, procured via traditional or conventional, project is up to 12months, client is responsible for design, drawings and specification,
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FIDIC Silver Turnkey is used on....
Process, power and private-infrastructure projects for experienced contractors only, complicated commercial projects, provides a greater level of cost certainty, employer & contractor may agree risk agreements, employer only has limited control
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Steps employers take towards insolvency...
Ensuring there are bonds and guarantees, checking required pre-conditions, checking 3rd party agreements, checking if payments are up-to-date, lining up a replacement contractor, checking site security to prevent removal of materials
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parent company guarantees are...
....security for clients to protect them in case of a contract default by a contractor that is controlled by a parent company
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collateral warranties are.....
....a contract where a contractor or sub-contractor promises to a third party (the "beneficiary") that they've complied with the requirements of the contract or sub-contract
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a performance bond is....
insurance for a client against the risk of a contractor failing to fulfill their contractual obligation. a performance bond depends on the financial strength of the company. A limit of 10% is set which helps the client overcome insolvency issues
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Other cards in this set

Card 2

Front

JCt Design and Build Contract is...

Back

where the contractor does the design AND build, for large or small projects, the employer must provide documents outlining their need, this contract is based on a lump sum with periodic payments

Card 3

Front

Minor Works contract is used for...

Back

Preview of the front of card 3

Card 4

Front

FIDIC Silver Turnkey is used on....

Back

Preview of the front of card 4

Card 5

Front

Steps employers take towards insolvency...

Back

Preview of the front of card 5
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