What are the THREE (3) main ways in which the contract price may be expressed or...
What are the THREE (3) main ways in which the contract price may be expressed or calculated?
Describe whether the weather is a compensation event under NEC3?
Homework Answers
There are 3 type of contracts
1 fixed price , 2 cost reimbursable, 3 based on time and materials
The contract price is determined through 1. Fixed item and Labour costs 2. Cost of investment and return basis 3. Based on time work of labours and prices of material at the cost it is available.
NEC3 gives free resources in contract, yes under nec3 the weather is a compensation event.
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