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What is the purpose of Retention Money in a construction contract?
What is the purpose of Retention Money in a construction contract?
- To ensure the contractor completes the work satisfactorily (correct)
- To provide financial support to the contractor
- To pay for the performance security
- To cover the cost of subcontractors
What is the function of Performance Security in a construction contract?
What is the function of Performance Security in a construction contract?
- To protect the employer against contractor's failure to complete the work (correct)
- To provide insurance for the contractor's workers
- To cover the cost of materials used in the construction
- To pay for the subcontractors' fees
What is the purpose of Nominated Subcontractors in a construction contract?
What is the purpose of Nominated Subcontractors in a construction contract?
- To ensure the use of sub-contractors with adequate standing (correct)
- To reduce the cost of subcontracting
- To increase the number of subcontractors involved
- To provide flexibility to the contractor
What is included in the pricing of works executed by Nominated Sub-Contractors?
What is included in the pricing of works executed by Nominated Sub-Contractors?
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What does Temporary Cooperation in construction contracts include?
What does Temporary Cooperation in construction contracts include?
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