Showing 1153–1164 of 1429 resultsSorted by latest
This Skill Bit shows, that in an EPC contract, the contract’s effectiveness marks the point where obligations and rights become binding. In common law systems, this occurs upon mutual agreement and contract signing, while civil law systems may recognize it through varied means. Commencement of work denotes when the contractor begins fulfilling obligations, often triggered…
This Skill Bit shows that Project Partner Structuring involves organizing, financing, and managing complex projects through various models. In the Contractor Scheme, the owner contracts directly with a main contractor, who may subcontract work. The Consortium Scheme forms temporary alliances, sharing joint liability. Joint Venture Schemes create new entities, with partners sharing profits and losses….
This Skill Bit shows that implied warranties in EPC contracts assure the contractor’s work will meet professional standards and be fit for its intended purpose, even if not explicitly stated. They cover quality, fitness for purpose, and compliance with specifications, complementing express warranties negotiated in the contract. While express warranties are specific and enforceable, implied…
This Skill Bit shows, that the “Contractor’s Default clause” safeguards the Owner against the Contractor’s failure to fulfill contract terms. It outlines specific remedies, often exclusive, to address breaches, ensuring clarity and minimizing disputes. Conditions for termination include a reasonable cure period and clear triggers like failure to pay liquidated damages. Termination is a last…
This Skill Bit shows that contractual remedies in EPC contracts offer a structured approach for addressing breaches and seeking compensation. They include suspension or termination of the contract, allowing the contractor to halt work or end the agreement in severe cases. The recovery of sums due covers direct costs, delayed payments, and additional expenses resulting…
This Skill Bit shows, that in Engineering, Procurement, and Construction (EPC) contracts, Quality Assurance (QA) is vital for meeting standards and ensuring project success. It involves meticulous processes to maintain quality throughout the project’s lifecycle. Key components include approval processes for QA procedures, inspection protocols, and sub-supplier vetting. A detailed Quality Assurance Plan (QAP) is…
This Skill Bit shows, that latent defects, hidden flaws undetectable at project handover, pose risks post-completion. The Latent Defect Guarantee clause in EPC contracts obligates Contractors to rectify such flaws, typically within a shorter, distinct period, at no extra cost to the Owner. It covers defects unseen during usual inspections, emphasizing materials, design, or workmanship…
This Skill Bit shows that latent defects in EPC contracts are unseen risks that can emerge post-project completion. To mitigate these, contracts extend the contractor’s accountability beyond standard warranties. Clauses, akin to custom armor, ensure project integrity: extended warranties catch delayed defects, inspections seek out issues early, and clear obligations define responsibilities. Clauses address defects…
This Skill Bit shows that disclaiming merchantability and fitness for purpose absolves the contractor from guaranteeing that the product or service meets the buyer’s expectations or intended use. This clause limits the contractor’s liability for any resulting damages or losses from product or service use, shifting responsibility to the buyer. It underscores that the buyer…
This Skill Bit shows, that when a contract disclaims all warranties implied by law, it signifies that parties are solely bound by the explicit terms outlined in the contract, foregoing any additional assurances implied by legal precedent. This ensures clarity and prevents reliance on unwritten assurances, fostering a clear understanding of each party’s obligations and…
This Skill Bit shows, that in an EPC contract, an “exclusive remedies” provision restricts parties to only seek recourse as outlined in the contract in case of breach or defect. This clause aims to streamline dispute resolution by delineating clear rights and obligations for both parties, minimizing potential conflicts. Duration approx. 1 Min. Tier: advanced
This Skill Bit shows, that in EPC contracts, contractors are obligated to “make good,” “repair,” and “replace” any defects or non-conformities in the works. “Make good” involves rectifying deficiencies to meet standards. “Repair” entails fixing damage during the warranty period, while “replace” involves providing new components if originals are defective. These obligations, detailed in the…
