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.
2
Q
How does Sectional Completion work in terms of defects?
A
Defects Date only begins upon Completion of the whole works
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