Construction Contingency Fund is established to facilitate management of costs related to changes that occur during construction. Rarely are projects constructed without any change, almost all of which involve an increase in the contract price. Experienced and...
Notice to Proceed (NTP) is the Client’s official notification to the Consultant that the design may begin. NTP is frequently given with the transmittal of the contract when executed by the Client. The NTP should include the specific date on which it is issued, thus...
General Terms and Conditions, frequently referred to as “Boilerplate,” defines how the Client and Consultant will relate to each other in a business relationship without regard to a specific project. The following is a critical “Boilerplate” item that if not clearly...
