Contract Administration L1 Flashcards
What is Acceleration in a contract?
Accelerate the speed of the works being completed, typically at cost compensating the contract.
What is without prejudice in a contract?
Not admitting liability.
What is defects in a contract?
Things that are wrong in a building to allow it provide its function.
What is mitigation in a contract?
Reducing the risk and severity.
What is time at large in a contract?
Contractor has passed the completion date but no extension of time has been provided so no end date.
What is Liquidated Damages in a contract?
Genuine pre-assessment of damages. Unliquidated damages are those unknown.
What is a Novation in a contract?
Design team to contractor side.
What is Indemnify in a contract?
Compensate someone for loss.
What is Specified Perils in a contract?
Covered under an all risk policy.
What is Letter of Intent in a contract?
Instructing to get on with the contract to a limit.
What is Retention in a contract?
Held throughout to cover patent and latent defects.
What is Bonds in a contract?
Protective insurance policy taken out by the contractor instead of retention.
What is Advanced Payment in a contract?
Assists with mobilizing a project.
What is Provisional Sum in a contract? What options do you have?
Defined or Undefined. Where cost is unknown so genuine estimate provided.
What is the insurance claims?
A - By the Contractor
B - By the Employer
C - By Employer in joint names on an existing contract.
What is a Pay Less Notice?
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.
What is a Loss and Expense Claim?
Where contractor suffered financial loss due to relevant events and is to be paid for through the relevant matters.
What is a concurrent delay?
Multiple delays at once, but not all relevant matters/events.
