The benefits for a client using bonds in a project include financial protection, reduced risk, enhanced credibility and peace of mind.
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.
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.
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.
The restrictions imposed on a LPA when tendering include legal and political considerations, public procurement regulations, EU rules and transparency.
The main difference between a contract under hand and a contract under seal is the formalities required for execution.
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.
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.
Several factors are considered when deciding on the most suitable procurement and tendering method such as risk, timing and uncertainty among others.
Single-stage tendering and two-stage tendering are two different methods used in the procurement process to solicit bids from potential suppliers or contractors.
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.
A subcontractor can be appointed to a main contractor in several ways, including through a nomination, naming or domestic subcontracting process.
A contract administrator plays a crucial role in the construction industry, overseeing the day-to-day management of construction projects
There are several main contract procurement methods, such as the Traditional, DnB, Partnering, Management and Frameworks.
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.
A guaranteed bond is a bond whose interest and principal payments are guaranteed by a third party.
The final account is the conclusion of the contract sum and signifies the agreed amount that the employer will pay the contractor.
One common option is a performance bond so that money can be claimed from a guarantor bank at short notice, often simply on-demand.
A performance specification is a document that specifies the operational requirements of a component or installation.
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.