theory test 4 Flashcards
1
Q
difference between Adjudication and Arbitration
A
Adjudication provides an interim decision, and if that’s not agreed upon by both parties it can escalate to Arbitration which is a system for the settlement of disputes without resorting to Court. both parties need to agree to use Arbitration, they cannot be forced.
2
Q
What are the twin elements of an agreement?
A
Offer and acceptance
3
Q
What are letters of intent?
A
Documents that express the intention to enter into a contract. (An agreement to agree in the future is not a valid contract)
4
Q
What is the statutory holdback value in Alberta?
A
10% of the value of work done
5
Q
A
