Contract practice L1 Flashcards
Contract practice L1
What key function does a contract perform on a construction project?
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What is a contract?
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Define express terms?
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Define implied terms?
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What six conditions need to be met for a contract to be in place?
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What are the main suites of construction contracts?
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What is tort?
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What are the influences which will affect contract selection?
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Can you name three standard forms of contracts that can be used on a construction project?
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What do you understand about the following forms of contract; FIDIC JCT NEC ACA ICC and IChemE?
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What does JCT stand for?
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Name the key components of the JCT contract suite.
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When was the JCT contract suite last updated? Tell me about some of the key changes that were made.
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How was the JCT contract suite modernised through the last update?
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How does JCT facilitate electronic working?
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How does the JCT work alongside the Construction Playbook?
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How has the JCT contract suite incorporated diversity and inclusion?
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What is the JCT Fluctuations Hub used for?
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Explain the JCT Target Cost Contract to me.
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What form of NEC contract might the Target Cost Contract be a good alternative for?
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What are the main parts of the JCT contracts?
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What are the JCT schedules?
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How are relevant events and relevant matters dealt with under NEC?
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How does NEC deal with loss and expense?
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What types of insurance are required under JCT?
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How is fitness for purpose dealt with under JCT DB / CDP?
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What is the contractor’s design liability under JCT contracts (for CDP elements)?
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What are the differences in procurement between JCT Standard Form and JCT with Contractor’s Design?
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When would you use a JCT IC or MW contract?
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Can benefits be assigned under JCT contracts?
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When and why would you use each?
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Explain the role of main sub and package contracts from the standard suites you are aware of.
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In a contract you have used explain the following; roles and responsibilities of the parties pricing options and risk allocation.
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What client specific considerations have you taken into account when selecting a contract type?
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What insurance provisions are in the JCT and NEC standard forms of contract?
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What is a contractor’s all risk insurance or contract works insurance?
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What do you understand by insurance in joint names?
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What is a collateral warranty?
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What is your understanding of what a letter of intent is?
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What is a comfort letter/consent to spend/recognition of contract?
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When might you use advance payments?
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What is the final account?
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Who prepares the final account in a JCT form of contract?
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Who prepares the final account in the NEC4 form of contract?
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What is the purpose of a final account?
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On the issue of the final account what are the relevant time periods in a JCT form of contract?
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When must the final certificate be issued?
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Tell me two of the information or statements that must be contained in the final certificate.
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What are the usual constituents of a final account?
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What is released to the contractor in the final certificate?
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What are the usual constituents of a final account?
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What are the four elements of a valid contract?
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What third party rights might be included in a contract?
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How does dispute resolution work in a contract you have experience of?
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What is common law?
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What do you understand by consideration in contract?
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What do you understand by invitation to treat in contract?
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How is the JCT form of contract structured?
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How is the NEC form of contract typically structured?
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What is the difference between a contract executed under seal and underhand?
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When selecting a form of contract what factors do you consider?
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What alternative forms of contract are there available and what would influence your recommendation of a form of contract?
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Design and Build contracts - what are the 3 main forms of this contract?
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Name 3 factors you think make this form of contract valid for your work?
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Apart from JCT D&B what other forms of D&B contracts are there?
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Have you ever considered a NEC D&B contract?
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Within a JCT SBC when and why would you use a Schedule 2 quotation?
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What are the timescales in a Schedule 2 quotation?
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If the contractor on a D&B contract fails to issue the final account within the due period what action should you advise your client to take?
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If you had to explain the differences to your client between sectional completion and partial possession can you provide an example of the differences under a JCT D&B contract?
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How do sectional completion partial completion and beneficial use differ? Define each of the above.
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If you client wanted to place furniture in the completed parts of a project which would you recommend sectional completion or partial possession?
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What are liquidated damages?
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What is your understanding of retention and bonds?
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What is your understanding of early possession?
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What contractual weight does a practical completion certificate carry in a JCT contract?
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Tell me about some of the insurances a subcontractor would need if they were responsible for a part of the design work.
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What do you understand by a parent company guarantee?
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When might it be used?
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What is your understanding of sectional completion?
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What is your understanding of performance bond?
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When might it be used?
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What is you understanding of limitation of liability?
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Talk me through how you’ve ensured insurances from subcontractors were at the correct level.
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What do you understand by relevant event in a JCT form of contract?
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What do you understand by compensation event in a NEC form of contract?
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In the NEC form of contract talk me through five things that can lead to a compensation event.
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In the NEC form of contract when can the completion date be adjusted?
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In the NEC form of contract what is a defined cost?
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In the NEC form of contract what is a disallowable cost?
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When were changes to NEC4 last made?
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What changes were made?
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How are NEC contracts categorised by different alternative pricing options?
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What are these pricing options?
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How is BIM integrated in a contract you are familiar with? Explain Secondary Option X7.
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What issue was raised by Triple Point Technology v PTT Public Co?
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How was Secondary Option Y(UK)2 updated to reflect the judgement in Rochford Construction v Kilhan Construction?
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How were Secondary Option X22 and Secondary Option Y(UK) 1 amended?
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When are NEC compensation events not time barred?
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In a NEC contract how would you detail if the contract is to be D&B?
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What does the works information is included in a NEC contract?
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What are the different types of FIDIC contract and how do they reflect different risk profiles?
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What is your understanding of the difference between delay and disruption?
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When does financial management of a project typically take place?
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Explain what happens during the post contract phase.
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How do you implement and manage cost control procedures and reporting within the scope of a contract?
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What contract legislation are you aware of?
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Explain how contracts may deal with contractor designed works.
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Explain your understanding of contracts and sub-contracting.
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What payments provisions and change procedures are you aware of?
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What factors affect the choice of security in a contract?
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What insurances are you aware of?
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What is novation and assignment?
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What is a collateral warranty?
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What are the three ways that benefits can be transferred under JCT contracts?
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Who might want a collateral warranty?
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How are they requested?
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What are the common clauses / terms in collateral warranties?
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What is the difference between a bond and collateral warranty?
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With any D&B contract there is a high probability that collateral warranties will apply where would you expect to see them and between which parties?
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Are there any alternatives to collateral warranties?
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Explain your understanding of retention.
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What is the purpose of retention?
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What items do not have retention taken on them?
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Who receives the interest accruing on retention money?
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When is the retention released to the contractor?
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What if the contract sum increases?
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Explain your understanding of liquidated and delay damages.
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Explain your understanding of claims for extensions of time acceleration and loss and expense.
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What is early possession?
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Explain your understanding of phasing.
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How can a contract be terminated?
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Explain the impact of insolvency on contracts.
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How do you deal with final accounts?
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What is a pre-construction services agreement (PCSA)?
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When are pre-construction services usually used?
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What should be taken into account in the wording of a PCSA?
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What might the pitfalls be?
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When would you recommend the use of a PCSA?
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How does a PCSA differ to a LOI?
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Explain your understanding of defects and rectification.
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How has Covid-19 affected a contract you have worked on?
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Explain the differences between cost reimbursement and lump sum contracts.
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Explain a key principle of the new RICS Guidance Note Subcontracting (1st Edition).
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What is a subcontractor defined as within this?
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What does the Guidance Note not cover?
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If an architect develops a design to a certain stage and the appointed D&B contractor then wants to use the design and develop further what do they need to do? Explain in this scenario how copyright ownership works.
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What is novation?
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How does novation affect the employer’s rights?
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What are the advantages of novation?
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Are there any disadvantages of novation?
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Do you have novation on traditional contracts?
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What measures can be taken to effectively control costs during the construction phase of a project?
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How can you control costs to keep a job under budget?
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How do NEC and JCT manage change control?
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Why is cash flow important?
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How does a cash flow help a company remain solvent?
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What is risk allocation?
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What do you understand by risk management?
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What is a risk management strategy?
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What are the benefits of risk management?
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What are the stages of risk management?
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Why is risk management needed in construction?
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