Music, hello! My name is David Bowen. I'm the director of Lexus Limited. In this five-minute summary, I will provide you with five key points to help you determine the best form of contract for your project. These keys are useful for anyone responsible for procuring new projects. There are various standard forms of contracts to choose from, and within those forms, there are many different options. This can sometimes be confusing. By listening to this summary, I hope to assist you in understanding how to select the right form of contract, thus avoiding costly mistakes that often lead to disputes later on. Now, let's move on to the first key. It is crucial to identify the project requirements. This can be accomplished by preparing a project profile with a detailed description of the project, its characteristics, and the client's priorities. These priorities may involve the lowest price or an early start on-site. A project profile may include radar graphs, like the one in this example, to identify the relevant criteria and characteristics for any given project. To establish this profile, I usually employ a combination of questionnaires, interviews, and workshops. Moving on to the second key, it is important to identify any risks and constraints. For instance, a risk may involve working in areas that are subject to tidal movement, while a constraint may involve working in urban areas with strict noise limitations and limited working hours. Now, the third key focuses on identifying the available contract options. This includes considering the different standard forms of contracts available, as well as pricing options for turnkey targets, remeasurement, lump sums, and constructor design and build lump sums. It is also vital to identify any additional contractual decisions, such as whether guarantees or warranties are required in the form of bonds or collateral warranties. The fourth...
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Construction Warranty template Form: What You Should Know
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