Define the terms: a) Free lance work, c) Designer dupers. Explain the term Earnest Money Deposit (EMD) and Security Deposit (SD). What is lump sum or prefixed tender? What does the... Define the terms: a) Free lance work, c) Designer dupers. Explain the term Earnest Money Deposit (EMD) and Security Deposit (SD). What is lump sum or prefixed tender? What does the term retention amount mean in professional practice? Explain the term work order in the interior design profession.
Understand the Problem
The question is asking for definitions and explanations related to professional practice terms, aiming to test knowledge on various concepts relevant to the field.
Answer
Freelance work: Independent work for clients. EMD: Deposit showing purchase intent. Lump sum tender: Fixed price contract. Retention amount: Payment withheld for quality assurance. Work order: Task specifications for a project.
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a) Freelance work: Employment where individuals are self-employed and work independently for various clients. c) Designer dupers: Likely refers to fake or copycat designers who imitate popular designs without originality.
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Earnest Money Deposit (EMD): A deposit to show buyer's intent to purchase. If the buyer defaults, the seller may keep the EMD. Security Deposit (SD): Money held by the seller or landlord to cover potential damage or loss.
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Lump sum or prefixed tender: A fixed price contract where the total cost is agreed upon before the project begins.
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Retention amount: A portion of payment withheld until work is satisfactorily completed, ensuring quality and fulfillment of obligations.
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Work order in interior design: A document outlining the tasks and specifications to be completed by the contractor within a specified timeframe.
Answer for screen readers
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a) Freelance work: Employment where individuals are self-employed and work independently for various clients. c) Designer dupers: Likely refers to fake or copycat designers who imitate popular designs without originality.
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Earnest Money Deposit (EMD): A deposit to show buyer's intent to purchase. If the buyer defaults, the seller may keep the EMD. Security Deposit (SD): Money held by the seller or landlord to cover potential damage or loss.
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Lump sum or prefixed tender: A fixed price contract where the total cost is agreed upon before the project begins.
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Retention amount: A portion of payment withheld until work is satisfactorily completed, ensuring quality and fulfillment of obligations.
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Work order in interior design: A document outlining the tasks and specifications to be completed by the contractor within a specified timeframe.
More Information
Earnest Money Deposits are crucial in contracts as they demonstrate the buyer's commitment. Retention amounts ensure that contractors fulfill their work obligations, providing a safety net for clients.
Tips
Confusing EMD and Security Deposit terms. EMD is a good faith deposit, while SD is security against potential losses.
Sources
- Earnest Money: Definition and How It Works in Real Estate - investopedia.com
- What is EMD in tender? Earnest Money Deposit meaning and more - blog.tatanexarc.com
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