Contract Practice Flashcards

1
Q

What is a Target Cost contract?

A

Target cost is set, risk is shared and the savings/overspend are shared between the Parties at the allocated share percentages.

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2
Q

How does Sectional Completion work in terms of defects?

A

Defects Date only begins upon Completion of the whole works

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3
Q

How does notifying defects differ before and after Completion?

A

Clause 44 of the Contract:
- Before Completion – only to correct any Defects which would prevent the Client from using the works (and any other reason stated)
- After Completion - Defects must be corrected by the end of the defect correction period

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