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Contract shall not only define the technical aspects of the project but also spells out the risk for the project...........

Created by : Sudheendra Nanjangud, Design Engineer, Saudi Basic Industries Corporation  | 04 06 2010 01:43:40 +0000
Industry : Construction
Keywords : the primary concern for every contractor is receiving due payments on time”
Activity:  59 views;  last activity : 07 06 2010 20:18:09 +0000

None of the set of conditions in a contract contain a clause through which contractors can look into the financial arrangements of the developer or client and warrant the surety of their payments.

On contrary, the client exercises this facility by getting details of contractor’s financial status in the early stages of bidding and thus evaluates contractor appropriateness for such type of job to be awarded.

 In most of the contracts, usually prepared at the client’s end, the contractor is called in to agree to the pre-defined terms and conditions. If the contractor disagree on any account, the last pressure from the client will be to make them disqualified from the evaluation and the contract will be awarded to somebody else.

  
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Only defining technical ambiguities will not make a successful project, but well qualified commercial aspects should also be agreed to, before entering into a contract”
By Sudheendra Nanjangud, Design Engineer, Saudi Basic Industries Corporation  | 04 06 2010 01:43:40 +0000
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