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Joint Contracts Tribunal
The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry in the United Kingdom. From its establishment in 1931, JCT has expanded the number of contributing organisations. Following recommendations in the 1994 Latham Report, the current operational structure comprises seven members who approve and authorise publications. In 1998 the JCT became a limited company. Members The members were listed by the JCT in 2014 as: # the British Property Federation, # the Contractors Legal Group, comprising: #* the National Federation of Builders, #* the UK Contractors Group, #* the National Access and Scaffolding Confederation and #* the Scottish Building Federation; # the Local Government Association, # the National Specialist Contractors Council, # the Royal Institute of British Architects, # the Royal Institution of Chartered Surveyors and # the Scottish Build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Forms Of Contract
A standard form contract (sometimes referred to as a ''contract of adhesion,'' a ''leonine contract'', a ''take-it-or-leave-it contract'', or a '' boilerplate contract'') is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it" position. While these types of contracts are not illegal ''per se'', there exists a potential for unconscionability. In addition, in the event of an ambiguity, such ambiguity will be resolved '' contra proferentem'', i.e. against the party drafting the contract language. Theoretical issues There is much debate on a theoretical level whether, and to what extent, courts should enforce standard form contracts. On one hand, they undeniably fulfill an important role of promoting economic efficiency. Standard form contracting reduces transaction costs substantially by avoiding the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Main Contractor
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project. Description A general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer. Responsible for the overall coordination of a project, general contractors may also act as building designer and foreman (a tradesman in charge of a crew). A general contractor must first assess the project-specific documents (referred to as a bid, proposal, or tender documents). In the case of renovations, a site visit is required to get a better understanding of the project. Depending on the project delivery method, the contractor will submit a fixed price proposal or bid, cost-plus price or an estimate. The general contractor considers the cost of home office overhead, gen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arbitration
Arbitration is a form of alternative dispute resolution (ADR) that resolves disputes outside the judiciary courts. The dispute will be decided by one or more persons (the 'arbitrators', 'arbiters' or 'arbitral tribunal'), which renders the 'arbitration award'. An arbitration decision or award is legally binding on both sides and enforceable in the courts, unless all parties stipulate that the arbitration process and decision are non-binding. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts and may include a waiver of the right to bring a class action claim. Mandatory consumer and employment arbitration should be distinguished from consensual arbitration, particularly commerci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjudication
Adjudication is the legal process by which an arbiter or judge reviews evidence and argumentation, including legal reasoning set forth by opposing parties or litigants, to come to a decision which determines rights and obligations between the parties involved. Adjudication can also refer to the processes at dance competitions, in television game shows and at other competitive forums, by which competitors are evaluated and ranked and a winner is found. Legal processes Adjudication may be defined as "the legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. It implies a hearing by a court, after notice, of legal evidence on the factual issue(s) involved. The equivalent of a determination. It indicates that the claims of all the parties thereto have been considered and set at rest." In some cases, an applic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anticipatory Repudiation
Anticipation is an emotion involving pleasure or anxiety in considering or awaiting an expected event. Anticipatory emotions include fear, anxiety, hope and trust. When the anticipated event fails to occur, it results in disappointment (if positive event) or relief (if negative event). As a defence mechanism Robin Skynner considered anticipation as one of "the mature ways of dealing with real stress.... You reduce the stress of some difficult challenge by anticipating what it will be like and preparing for how you are going to deal with it". There is evidence that "the use of mature defenses ( sublimation, anticipation) tended to increase with age", yet anticipation of negative events itself tends to decrease with age. Desire "Anticipation is the central ingredient in sexual desire." As "sex has a major cognitive component — the most important element for desire is positive anticipation". One name for pleasurable anticipation is excitement. More broadly, anticipation is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidated Damages
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), 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). This is most applicable where the damages are intangible, such as a failure by the contractor on a public project to fulfill minority business subcontracting quotas. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of ''English Hop Growers v Dering'', 2 KB 174, CA (1928). When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retainage
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. A retention is money withheld by one party in a contract to act as security against incomplete or defective works. They have their origin in the British construction industry Railway Mania of the 1840s but are now common across the industry, featuring in the majority of construction contracts. A typical retention rate is 5% of which half is released at completion and half at the end of the defects liability period (often 12 months later). There has been criticism of the practice for leading to uncertainty on payment dates, increasing tensions between parties and putting monies at risk in cases of insolvency. There have been several proposals to replace the practice with alternative systems. History and purpose The practice of retainage dates back to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Administration
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Common commercial contracts include purchase orders, sales invoices, utility contracts, letters of engagement for the appointment of consultants and professionals, and construction contracts. Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constructing Excellence
Constructing Excellence is a United Kingdom construction industry membership organisation created in 2003, the only such which draws its member organisations from across the industry supply chain, ranging from clients, through contractors and consultants, to suppliers and manufacturers of building materials and components. Constructing Excellence attempts to apply the reforms recommended in the 1994 Latham and 1998 Egan Reports, having absorbed several bodies established following those reports. In August 2016, Constructing Excellence became part of BRE, but retains its identity and core purposes. History Prior to its BRE merger, Constructing Excellence was itself the result of over a decade of UK construction industry reform initiatives. Its roots can be traced back to the establishment of the Construction Industry Board (a forerunner of the Strategic Forum for Construction), following the recommendations of the 1994 Latham Report,Latham, M. (1994), ''Constructing the Team'', Lon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Society Of Construction Arbitrators
The Society of Construction Arbitrators is a learned society of arbitrators, adjudicators and mediators in the construction industry, based in London. It has as its object the development and support of commercial methods of alternative dispute resolution. Members of the Society include architects, engineers, surveyors and lawyers from around the world.- - Publications The society has published the Construction Industry Model Arbitration Rules (CIMAR), which since being adopted as the standard by the Joint Contracts Tribunal The Joint Contracts Tribunal, also known as the JCT, produces standard forms of contract for construction, guidance notes and other standard documentation for use in the construction industry in the United Kingdom. From its establishment in 1931, JC ..., have been widely used for dispute resolution in the industry. A less widely used publication is the 100-day Arbitration Rules. References External links Society of Construction ArbitratorsJCT version of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateral Warranties
The term “collateral warranty” originates in property law. In 1839 Nick Grimsley wrote: “''A collateral warranty is where the heir neither does nor could derive his title to the land from the warrantor; and yet is both de-barred from claiming title and bound to recompense in case of eviction.”''“An Abridgement of the American Law of Real Property”, by Francis Hilliard counsellor at Law, Volume II, entered accordingly to Act of Congress in the year 1839. The concept of collateral warranty was sometimes regarded as ''“ ��the most unjust, oppressive, and indefensible in the whole range of common law.”'' The meaning is different when considering the actual and most common use of the term. Today a collateral warranty generally defines an agreement ancillary to another principal contract and/or a letter of appointment. For the benefice of a third party, it imposes an extended duty of care and a broader liability on two separate parties involved in a contract. Collateral ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surety Bond
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
