Elements of Contract and Contract Management

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What is the scope of contract?

To create formal legal documentation

To distribute risks among all parties

To outline the responsibilities of all parties involved (correct)

To establish promissory transactions

What is the main purpose of a contract?

To fulfill the liabilities of all parties involved (correct)

To distribute risks evenly among all parties

To establish the debtor-creditor relationship

To create a legal document for the project

What is the aim of contract management?

To create a legal procedure for biased responsibilities

To exceed the specified period without dispute

To ensure the contract reaches its target effectively (correct)

To establish a debtor-creditor relationship

In what forms can a contract be done according to the text?

Oral, written, and formal Signup and view all the answers

What does the text define as the contract's main purpose?

Fulfillment of liabilities for all parties involved Signup and view all the answers

What is the responsibility of the Contractor in a construction project?

Constructing a project as written in the contract Signup and view all the answers

What is the key difference between Joint Venture and Consortium in construction agreements?

Joint Venture partners protect their own legal person, while Consortium partners are liable for the entire project Signup and view all the answers

What is the primary role of the Client/Employer in a construction project?

Paying the price Signup and view all the answers

What does Unit Price in construction contracts involve?

Unit prices are determined by combining material and labor costs, expenses, and contractor profit Signup and view all the answers

Which of the following best defines the scope of a contract?

The distribution of risks and responsibilities among the parties Signup and view all the answers

What does 'Liabilities of Constructor' refer to in a construction project?

Constructing a project as specified in the contract, providing necessary materials, loyalty and thoughtfulness Signup and view all the answers

What is the primary purpose of contract management?

To fulfill the liabilities of all parties involved in the contract Signup and view all the answers

What is the main difference between Joint Venture and Consortium in construction agreements?

The nature of the projects they undertake Signup and view all the answers

In construction contracts, what does 'Liabilities of Constructor' primarily refer to?

The duties and responsibilities of the constructor Signup and view all the answers

What is the key feature that distinguishes oral contracts from written contracts according to the text?

The legal validity and enforceability of the contract Signup and view all the answers

What is the primary responsibility of the Client/Employer in a construction project?

Paying the price Signup and view all the answers

Which type of contract involves a new company being established?

Build-Operate-Transfer Signup and view all the answers

What is the difference between Joint Venture and Consortium in construction agreements?

Joint Venture has one liability for the entire project, while Consortium has liability for specific portions Signup and view all the answers

What does 'Unit Price' in construction contracts involve?

Combining material and labor costs, expenses, and profit of the contractor Signup and view all the answers

What is the aim of Contract Management in construction projects?

Minimizing financial and time losses due to disagreement processes Signup and view all the answers