Tag: Contracts
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Retention Under the NEC Contract: A Guide for Quantity Surveyors
As a quantity surveyor (QS) in the construction industry, understanding the various contractual nuances is crucial. One such facet is NEC retention, a specific approach employed by the NEC (New Engineering Contract) suite of contracts. This article delves into the intricacies of NEC retention, equipping you with the foundational knowledge necessary to navigate this critical…
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What is Contract Administration? A Beginner’s Guide
In any business or construction project, contracts play a vital role in establishing agreements and ensuring that all parties involved fulfill their obligations. However, the management and enforcement of these contracts require a specialized process known as contract administration. In this beginner’s guide, we will explore the fundamentals of contract administration, its importance, key responsibilities,…