Chapter 32: Construction and FF&E Contracts Flashcards
Modification
A change order, ammendemnt to the contract, minor change
when does the vendor switch responsibility of LOSS over to the owner
after final inspection or upon payment in full to the vendor- whichever happens first
who is responsible for delivery and installation
the vendor
AIA document A5152
Owner vender agreement
OVA WHAT IS INCLUDED
agreement
conditions of the contract
drawings
specs
Owner Vender Agreement payments
Amoutn is based on percentage of completed work and any material purchased and stored
Retainage
10% is withheld until final completion of the work to protect owner against incomplete work
Owner Contract Agreement
Between owner and contractor AIA Document A101
Substantial completion
Stage in progress of work when work and designated portion therof is sufficiently complete so the owner can occupy the space
Liquidaited damages
are moneys paid by the contractor to the owner for every day the project is late
General conditions of the contract for furniture and equipment is coordinaited with
Uniform Commercial CODE Article 2 governs the sale of goods
Uniform Commercial Code
Establishes regulations for the buying and selling of goods that are tangible and movable
Covers sales contracts
product liability
warranties
ownership
Furniture and Accessories can be shipped by
Common carriers
contract carriers
private carriers
Common carriers
offer services to the public
Contract Carriers
provide services only to certain companies they chose to do bossiness with
FOB Factory
Means the title is transfered at the factory
buyer pays transportation cost. Title passes to the buy after are consigned at the factory