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Optional Competencies > Contract practice L1 > Flashcards

Contract practice L1 Flashcards

Contract practice L1

1
Q

What key function does a contract perform on a construction project?

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2
Q

What is a contract?

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3
Q

Define express terms?

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4
Q

Define implied terms?

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5
Q

What six conditions need to be met for a contract to be in place?

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6
Q

What are the main suites of construction contracts?

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7
Q

What is tort?

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8
Q

What are the influences which will affect contract selection?

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9
Q

Can you name three standard forms of contracts that can be used on a construction project?

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10
Q

What do you understand about the following forms of contract; FIDIC JCT NEC ACA ICC and IChemE?

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11
Q

What does JCT stand for?

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12
Q

Name the key components of the JCT contract suite.

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13
Q

When was the JCT contract suite last updated? Tell me about some of the key changes that were made.

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14
Q

How was the JCT contract suite modernised through the last update?

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15
Q

How does JCT facilitate electronic working?

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16
Q

How does the JCT work alongside the Construction Playbook?

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17
Q

How has the JCT contract suite incorporated diversity and inclusion?

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18
Q

What is the JCT Fluctuations Hub used for?

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19
Q

Explain the JCT Target Cost Contract to me.

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20
Q

What form of NEC contract might the Target Cost Contract be a good alternative for?

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21
Q

What are the main parts of the JCT contracts?

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22
Q

What are the JCT schedules?

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23
Q

How are relevant events and relevant matters dealt with under NEC?

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24
Q

How does NEC deal with loss and expense?

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25
Q

What types of insurance are required under JCT?

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26
Q

How is fitness for purpose dealt with under JCT DB / CDP?

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27
Q

What is the contractor’s design liability under JCT contracts (for CDP elements)?

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28
Q

What are the differences in procurement between JCT Standard Form and JCT with Contractor’s Design?

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29
Q

When would you use a JCT IC or MW contract?

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30
Q

Can benefits be assigned under JCT contracts?

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31
Q

When and why would you use each?

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32
Q

Explain the role of main sub and package contracts from the standard suites you are aware of.

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33
Q

In a contract you have used explain the following; roles and responsibilities of the parties pricing options and risk allocation.

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34
Q

What client specific considerations have you taken into account when selecting a contract type?

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35
Q

What insurance provisions are in the JCT and NEC standard forms of contract?

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36
Q

What is a contractor’s all risk insurance or contract works insurance?

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37
Q

What do you understand by insurance in joint names?

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38
Q

What is a collateral warranty?

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39
Q

What is your understanding of what a letter of intent is?

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40
Q

What is a comfort letter/consent to spend/recognition of contract?

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41
Q

When might you use advance payments?

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42
Q

What is the final account?

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43
Q

Who prepares the final account in a JCT form of contract?

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44
Q

Who prepares the final account in the NEC4 form of contract?

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45
Q

What is the purpose of a final account?

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46
Q

On the issue of the final account what are the relevant time periods in a JCT form of contract?

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47
Q

When must the final certificate be issued?

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48
Q

Tell me two of the information or statements that must be contained in the final certificate.

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49
Q

What are the usual constituents of a final account?

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50
Q

What is released to the contractor in the final certificate?

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51
Q

What are the usual constituents of a final account?

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52
Q

What are the four elements of a valid contract?

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53
Q

What third party rights might be included in a contract?

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54
Q

How does dispute resolution work in a contract you have experience of?

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55
Q

What is common law?

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56
Q

What do you understand by consideration in contract?

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57
Q

What do you understand by invitation to treat in contract?

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58
Q

How is the JCT form of contract structured?

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59
Q

How is the NEC form of contract typically structured?

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60
Q

What is the difference between a contract executed under seal and underhand?

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61
Q

When selecting a form of contract what factors do you consider?

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62
Q

What alternative forms of contract are there available and what would influence your recommendation of a form of contract?

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63
Q

Design and Build contracts - what are the 3 main forms of this contract?

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64
Q

Name 3 factors you think make this form of contract valid for your work?

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65
Q

Apart from JCT D&B what other forms of D&B contracts are there?

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66
Q

Have you ever considered a NEC D&B contract?

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67
Q

Within a JCT SBC when and why would you use a Schedule 2 quotation?

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68
Q

What are the timescales in a Schedule 2 quotation?

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69
Q

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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70
Q

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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71
Q

How do sectional completion partial completion and beneficial use differ? Define each of the above.

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72
Q

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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73
Q

What are liquidated damages?

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74
Q

What is your understanding of retention and bonds?

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75
Q

What is your understanding of early possession?

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76
Q

What contractual weight does a practical completion certificate carry in a JCT contract?

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77
Q

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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78
Q

What do you understand by a parent company guarantee?

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79
Q

When might it be used?

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80
Q

What is your understanding of sectional completion?

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81
Q

What is your understanding of performance bond?

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82
Q

When might it be used?

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83
Q

What is you understanding of limitation of liability?

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84
Q

Talk me through how you’ve ensured insurances from subcontractors were at the correct level.

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85
Q

What do you understand by relevant event in a JCT form of contract?

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86
Q

What do you understand by compensation event in a NEC form of contract?

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87
Q

In the NEC form of contract talk me through five things that can lead to a compensation event.

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88
Q

In the NEC form of contract when can the completion date be adjusted?

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89
Q

In the NEC form of contract what is a defined cost?

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90
Q

In the NEC form of contract what is a disallowable cost?

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91
Q

When were changes to NEC4 last made?

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92
Q

What changes were made?

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93
Q

How are NEC contracts categorised by different alternative pricing options?

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94
Q

What are these pricing options?

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95
Q

How is BIM integrated in a contract you are familiar with? Explain Secondary Option X7.

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96
Q

What issue was raised by Triple Point Technology v PTT Public Co?

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97
Q

How was Secondary Option Y(UK)2 updated to reflect the judgement in Rochford Construction v Kilhan Construction?

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98
Q

How were Secondary Option X22 and Secondary Option Y(UK) 1 amended?

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99
Q

When are NEC compensation events not time barred?

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100
Q

In a NEC contract how would you detail if the contract is to be D&B?

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101
Q

What does the works information is included in a NEC contract?

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102
Q

What are the different types of FIDIC contract and how do they reflect different risk profiles?

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103
Q

What is your understanding of the difference between delay and disruption?

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104
Q

When does financial management of a project typically take place?

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105
Q

Explain what happens during the post contract phase.

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106
Q

How do you implement and manage cost control procedures and reporting within the scope of a contract?

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107
Q

What contract legislation are you aware of?

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108
Q

Explain how contracts may deal with contractor designed works.

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109
Q

Explain your understanding of contracts and sub-contracting.

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110
Q

What payments provisions and change procedures are you aware of?

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111
Q

What factors affect the choice of security in a contract?

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112
Q

What insurances are you aware of?

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113
Q

What is novation and assignment?

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114
Q

What is a collateral warranty?

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115
Q

What are the three ways that benefits can be transferred under JCT contracts?

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116
Q

Who might want a collateral warranty?

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117
Q

How are they requested?

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118
Q

What are the common clauses / terms in collateral warranties?

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119
Q

What is the difference between a bond and collateral warranty?

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120
Q

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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121
Q

Are there any alternatives to collateral warranties?

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122
Q

Explain your understanding of retention.

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123
Q

What is the purpose of retention?

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124
Q

What items do not have retention taken on them?

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125
Q

Who receives the interest accruing on retention money?

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126
Q

When is the retention released to the contractor?

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127
Q

What if the contract sum increases?

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128
Q

Explain your understanding of liquidated and delay damages.

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129
Q

Explain your understanding of claims for extensions of time acceleration and loss and expense.

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130
Q

What is early possession?

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131
Q

Explain your understanding of phasing.

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132
Q

How can a contract be terminated?

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133
Q

Explain the impact of insolvency on contracts.

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134
Q

How do you deal with final accounts?

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135
Q

What is a pre-construction services agreement (PCSA)?

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136
Q

When are pre-construction services usually used?

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137
Q

What should be taken into account in the wording of a PCSA?

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138
Q

What might the pitfalls be?

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139
Q

When would you recommend the use of a PCSA?

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140
Q

How does a PCSA differ to a LOI?

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141
Q

Explain your understanding of defects and rectification.

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142
Q

How has Covid-19 affected a contract you have worked on?

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143
Q

Explain the differences between cost reimbursement and lump sum contracts.

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144
Q

Explain a key principle of the new RICS Guidance Note Subcontracting (1st Edition).

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145
Q

What is a subcontractor defined as within this?

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146
Q

What does the Guidance Note not cover?

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147
Q

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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148
Q

What is novation?

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149
Q

How does novation affect the employer’s rights?

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150
Q

What are the advantages of novation?

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151
Q

Are there any disadvantages of novation?

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152
Q

Do you have novation on traditional contracts?

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153
Q

What measures can be taken to effectively control costs during the construction phase of a project?

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154
Q

How can you control costs to keep a job under budget?

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155
Q

How do NEC and JCT manage change control?

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156
Q

Why is cash flow important?

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157
Q

How does a cash flow help a company remain solvent?

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158
Q

What is risk allocation?

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159
Q

What do you understand by risk management?

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160
Q

What is a risk management strategy?

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161
Q

What are the benefits of risk management?

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162
Q

What are the stages of risk management?

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163
Q

Why is risk management needed in construction?

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Optional Competencies (25 decks)

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