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Subcontractors
A subcontractor is a person or business which undertakes to perform part or all of the obligations of another's contract, and a subcontract is a contract which assigns part of an existing contract to a subcontractor. A general contractor, prime contractor or main contractor may hire subcontractors to perform specific tasks as part of an overall project to reduce costs or to mitigate project risks. In employing subcontractors, the general contractor hopes to receive the same or better service than the general contractor could have provided by itself, at lower overall risk. The European Union has recognised the need to make provision for sub-contracting in its rules on public procurement, as arrangements for sub-contracting can support the EU's drive to involve more small and medium-sized undertakings in the provision of goods and services for the public sector. Definition United States public acquisition regulations contain a number of distinct definitions of "subcontract" an ... [...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 complete to assure that the 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 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 construction of the United Kingdom railway ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Contractor
A contractor (North American English) or builder (British English), 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. In the United States, a contractor may be a sole proprietor managing a project and performing labor or carpentry work, have a small staff, or may be a very large company managing billion dollar projects. Some builders build new homes, some are remodelers, some are developers. Description A general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer. General Contractors are mainly responsible for the overall coordination of a project and may also act as building designer and construction 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 tend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Industry
Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the asset is built and ready for use. Construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The construction industry contributes significantly to many countries' gross domestic products ( GDP). Global expenditure on construction activities was about $4 trillion in 2012. In 2022, expenditure on the construction industry exceeded $11 trillion a year, equivalent to about 13 percent of global GDP. This spending was forecasted to rise to around $14.8 trillion in 2030. The construction industry promotes economic development and brings many non-monetary benefits to many countries, but it is one of the most hazardous industries. For ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Procurement In The United States
In the United States, the processes of government procurement enable Federal Government of the United States, federal, State governments of the United States, state and local government bodies in the country to acquire goods, services (including construction), and interests in Real estate, real property. Contracting with the federal government or with state and local public bodies enables interested businesses to become suppliers in these markets. In fiscal year#United States, fiscal year 2019, the Federal government of the United States, US Federal Government spent $597bn on contracts.Bloomberg GovernmentBGOV200: Federal Industry Leaders 2019 accessed 9 July 2020 The market for state, local, and education in the United States, education (SLED) contracts is thought to be worth $1.5 trillion. Supplies are purchased from both domestic and overseas suppliers. Contracts for federal government procurement usually involve Appropriation (law), appropriated funds spent on supplies, service ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from Sole proprietorship, sole proprietors and partnerships. Corporations are separate and unique Legal person, legal entities from their shareholde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United Kingdom
In the United Kingdom, taxation may involve payments to at least three different levels of government: Government of the United Kingdom, central government (HM Revenue and Customs), Devolution in the United Kingdom, devolved governments and Local government in the United Kingdom, local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, United Kingdom corporation tax, corporation tax and Hydrocarbon oil duty, fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for decriminalised parking enforcement, on-street parking. In the fiscal year 2023–24, total government revenue was forecast to be £1,139.1 billion, or 40.9 per cent of Gross domestic product, GDP, with income taxes and National Insurance contributions standing at around £470 billion. History A uniform Land Tax (Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Condition Precedent
A condition precedent is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists. Restatement (Second) of Contracts § 224 In estate and trust law, it is a provision in a will or trust that prevents the vesting of a gift or bequest until something occurs or fails to occur, e.g. the attainment of a certain age or the predecease of another person. For comparison, a condition subsequent brings a duty to an end whereas a condition precedent initiates a duty. In computing, a while loop is an instruction to check a condition precedent, then execute an action only if that check evaluates to 'true'; after which execution, control then returns to the beginning of the loop and the cycle of check and conditional execution begins again. By contrast, a do while loop first ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Florida Fifth District Court Of Appeal
The Florida Fifth District Court of Appeal is headquartered in Daytona Beach, Florida. History The Fifth District Court of Appeal was created by the 1979 session of the Florida Legislature. The addition of the Florida Sixth District Court of Appeal in 2023 changed the caseload of the Fifth DCA. Previously, the Fifth DCA handled cases from the following counties and circuit courts: Lake, Marion, Sumter, Citrus & Hernando (Fifth Circuit); Volusia, Flagler, Putnam & St. Johns (Seventh Circuit); Orange & Osceola (Ninth Circuit); and Brevard & Seminole (18th Circuit). The Ninth Circuit was reassigned to the Sixth DCA and the Fourth Circuit (Clay, Duval & Nassau) was added from the First DCA. Chief Judges Judges who have served as Chief Judge of the Fifth DCA include: *Thomas D. Sawaya (2003–2005) *Robert J. Pleus Jr. (2005–2007) *David A. Monaco (2009–2011) *Richard B. Orfinger (2011–2013) *Jay P. Cohen (2017–2018) *Kerry I. Evander (2019-2021) Active Judges Judges who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reasonable Time
Reasonable time is that amount of time which is fairly necessary, conveniently, to do whatever is required to be done, as soon as circumstances permit. As a U.S. legal term, the phrase has been a topic of controversy for many years. It is generally used in reference to performing an action or remitting payment, but this is a very vague term which causes litigation problems in many court cases. Uniform Commercial Code section 2-206(2) requires that acceptance of an offer be made within a "reasonable time" if no time is specified: European Union law refers in the Charter of Fundamental Rights of the European Union to: *A right to good administration: :''Every person has the right to have his or her affairs handled impartially, fairly and within a reasonable time by the institutions, bodies, offices and agencies of the Union'' (Article 41) *A right to an effective remedy and to a fair trial: :''Everyone is entitled to a fair and public hearing within a reasonable time by an indepen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Jersey Superior Court, Appellate Division
The New Jersey Superior Court, Appellate Division (in case citation, N.J. Super. Ct. App. Div) is the intermediate appellate court in New Jersey. "The Appellate Division of New Jersey's Superior Court is the first level appellate court, with appellate review authority over final judgments of the trial divisions and the Tax Court and over final decisions and actions of State administrative agencies." Above the New Jersey Superior Court, Appellate Division is the Supreme Court of New Jersey which "sits alone atop the State judiciary, entertaining appeals from the Appellate Division and, on rare occasions, directly by order of the Court from other cases within the judicial and administrative system." The Appellate Division hears appeals from the Law and Chancery Divisions of the New Jersey Superior Court, the Tax Court, and final decisions of State administrative agencies. The Appellate Division decides approximately 7,000 appeals and 7,500 motions each year. "Generally speaking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Florida
The law of Florida consists of several levels, including constitutional, statutory, and regulatory law, as well as case law and local law. The '' Florida Statutes'' form the general statutory law of Florida. Sources The Constitution of Florida is the foremost source of state law. Legislation is enacted by the Florida Legislature, published in the '' Laws of Florida'', and codified in the '' Florida Statutes''. State agencies publish regulations (sometimes called administrative law) in the '' Florida Administrative Register'' (FAR), which are in turn codified in the '' Florida Administrative Code'' (FAC). Florida's legal system is based on common law, which is interpreted by case law through the decisions of the Supreme Court, District Courts of Appeal, and Circuit Courts, which are published in the ''Florida Cases'', '' Southern Reporter'', ''Florida Law Weekly'', and ''Florida Law Weekly Supplement''. Counties and municipalities may also promulgate local ordinances. There are a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
