contracts ,contractual obligations,construction industry
Contracts-In law, a contract is an agreement between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law or by binding arbitration. That is to say, a contract is an exchange of promises with specific legal remedies for breach. These can include Compensatory remedy, whereby the defaulting party is required to pay monies that would otherwise have been exchanged were the contract honoured,
For the execution of many works, it is generally seen that there are more than one person or companies who are equally capable of executing that job. This is what exists in most situations. Under these conditions bidders are invited and tenders are floated describing the nature of work, the time period of completion and the value of the project.
The tenders which are received are all opened on a specific date and the contract is given to the person or firms adhering to all the conditions in the tender and whose quote is the lowest. This pie Contractual Obligations - Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda (usually translated "agreements are to be kept", but more literally "pacts must be kept"). Breach of contract is recognized by the law and remedies can be provided.
Most works that are done are bonded by contractual obligations. This means that a person executing the job is bound by certain rules and regulations that govern the time frame and the ways he should go about in executing the job he has been assigned. Contractual obligations are not only valid in the realm of the working environment but are also an integral part of many purchases of higher values.
While buying a house on the deferred payment system the buyer is obligated by a contractual agreement to the seller. This lists out the ways and means by which the payments should be made till all outstanding dues have been cleared.
Contractual obligation is a signed agreement between two parties listing Construction Industry - In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of multitasking. Normally the job is managed by the project manager and supervised by the construction manager, design engineer, construction engineer or project architect.
History is replete with example on how the growth of civilization is directly linked to the kind of buildings that existed in that era. Classical examples are Mohenjadaro, Harappa, Indus Valley and the pyramids to cite a few.
Construction has also been seen as a parameter to economic and social prosperity. Either at times of economic boom or economic burst, the construction industry has always been the first to feel the impact. This is because it is inter-linked to economic environment. The world recently has seen a boom in construction in such places as Dubai.