Contract Administration L1 Flashcards

1
Q

What is Acceleration in a contract?

A

Accelerate the speed of the works being completed, typically at cost compensating the contract.

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2
Q

What is without prejudice in a contract?

A

Not admitting liability.

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3
Q

What is defects in a contract?

A

Things that are wrong in a building to allow it provide its function.

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4
Q

What is mitigation in a contract?

A

Reducing the risk and severity.

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5
Q

What is time at large in a contract?

A

Contractor has passed the completion date but no extension of time has been provided so no end date.

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6
Q

What is Liquidated Damages in a contract?

A

Genuine pre-assessment of damages. Unliquidated damages are those unknown.

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7
Q

What is a Novation in a contract?

A

Design team to contractor side.

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8
Q

What is Indemnify in a contract?

A

Compensate someone for loss.

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9
Q

What is Specified Perils in a contract?

A

Covered under an all risk policy.

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10
Q

What is Letter of Intent in a contract?

A

Instructing to get on with the contract to a limit.

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11
Q

What is Retention in a contract?

A

Held throughout to cover patent and latent defects.

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12
Q

What is Bonds in a contract?

A

Protective insurance policy taken out by the contractor instead of retention.

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13
Q

What is Advanced Payment in a contract?

A

Assists with mobilizing a project.

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14
Q

What is Provisional Sum in a contract? What options do you have?

A

Defined or Undefined. Where cost is unknown so genuine estimate provided.

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15
Q

What is the insurance claims?

A

A - By the Contractor
B - By the Employer
C - By Employer in joint names on an existing contract.

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16
Q

What is a Pay Less Notice?

A

A pay less notice is the opportunity for a paying party to change their mind on what has already been agreed on payment, altering the payment due to the payee near to the end of the payment cycle. 5 days before payment made.

17
Q

What is a Loss and Expense Claim?

A

Where contractor suffered financial loss due to relevant events and is to be paid for through the relevant matters.

18
Q

What is a concurrent delay?

A

Multiple delays at once, but not all relevant matters/events.