Instructor  Manoj Nair, Lawyer 
"Construction Contract Management"
October 14, 2022 @ 1000/10AM (New York Time)
Check Your Local Time Here!

Issue #10: Contract Hints & Legal Issues: October 2022

Understanding Construction Contract Management

Presented by Manoj Nair

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When negotiating a construction contract many legal and practical issues may need to be negotiated. Here are some common legal issues that may pop up during negotiations. Are you familiar with them? If not, come meet Lawyer, Manoj Nair, on 10/14/22, to learn more about construction contract management and negotiations.

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1.    What do you understand Indemnity to mean?
   
       A    Compensation
       B    Damages
       C    Loss
       D    Is a contractual obligation by one party (the indemnifying party) to compensate the other party

              (the indemnified party) for certain costs and expenses, typically stemming from third-party claims. 
       
2.    What do Liquidated Damages mean?
   
      A    Damages
      B    Penalty
      C    Pre-determined damages set at the time that a contract is entered into, based on a calculation of the                     actual loss the client is likely to incur if the contractor fails to meet the completion date. 
      D    All of the above
       
3.    The employer shall award the contract to the bidder whose offer has been determined to

be __________.
   
      A    Lowest Bid
      B    Best Value
      C    The most economically advantageous tender (MEAT)
      D    All of the above
       
4    The employer notifies the successful bidder by issuing and/or writing a __________.
   
      A    Letter of Award 
      B    Letter of Intent
      C    Letter of Acceptance
      D    Signature of the Contract 
       
5.    Scope of Work means?
   
      A    Statement of Work
      B    Schedule of work
      C    Work that is expected to be performed under a contract
      D    All of the above