While each project is unique, the guide below can help in designing a construction project. 1.4. The construction project means the work that the Contractor (and/or the Contractor`s representatives) is required to perform for the Owner, as set out in the plans and specification documents below, which are incorporated therein by reference – The Contractor is responsible for the safe conservation and preservation of all materials on the Site. He must compensate and indemnify the owner for all losses, damages that may result. In case of delay of the contractor, the defects must be eliminated and eliminated within the period indicated by the architect/owner. If the contractor does not complete the work within the time limit, the information must be made available to the owner without delay. The reason for the extension of the time limit should be communicated to the owner. PandaTip: Milestone payments can be shown in dollars or percentages. Be as detailed as possible in terms of volume to minimize disputes. In addition, some cities and states have specific limits on the percentage of payments contractors can receive at certain stages of a construction project, which requires you to comply with such restrictions. The success of construction depends on clearly defined expectations and timelines.
Errors or delays have a negative impact on both owners and contractors, resulting in additional costs for owners, as they cannot use the property on the scheduled date for the intended purpose and incur additional costs for the contractors` work and equipment….