Sign North Carolina Electrical Services Contract Easy

Document type sign electrical services contract north carolina easy

[Music] hello friends please subscribe my channel and press the bell icon so you get notified for my every new video my name is Robin and in this video I am going to explain something about the construction contract I will elaborate here the definition of the contract as well as the types of contract this is very important for the civil engineers whether they are in the execution field or in the Kiva's field so first of all I am going to explain the what is contract as per Section 2h of the Indian of contract at 1872 contract is an agreement enforceable by law this question can be asked in the interview also what is contract so this is the best definition for the contract as per Section 2 h of the indian contract act 1872 this is the indian contract act 1872 contract is an agreement enforceable by love so contract is an agreement between the two parties which is enforceable by law the next one is the two elements of an agreement is so what is agreement offer our proposal and an acceptance of that offer offer our proposal by the contractor and an acceptance of that offer by the client so this is next one is the agreement which is not enforceable by law is known as wide agreement if any agreement I mean that offer proposal offer our proposal or that acceptance of that offer is not enforceable by law so that will be a void agreement I mean that is not valid agreement oh now I am going to explain the types of contract so first is the percentage rate contract in this percentage rate contract the owner prepare schedule of items with quantities rates unit and amount shown there in I mean the owner itself prepare all these Quan bill of quantities or schedule of quantities rates units and give to the contractor again I am saying that in his contact the owner prepared schedule of items with quantities rates units and amount shown even rates filled by the owner so what contractor will do the contactor offers percentage above below are at par with the rates given in that schedule the contractor offer percentage above or below I mean they can work a bump on that or below if suppose that there is a cost of the project is one sees her own so what the contractor will give contactor will give that there I will take the 10% above on that and if the contractor can work below than that so he can he can also give that I can work 10% below on that so this is the type of the contract and in the CPWD weights you know that sometimes this type of contract happened they give their schedule of rates there the CPWD rates and you do you know that the DSR delay schedule of rates and in they the contractor just submit that he I can work on ten percent above or fifteen percent above on that raid or just a fifteen ten percent of five percent below on that sometimes they work on below on that also so this is a percentage rate corn contract the next one is the percentage quoted by the contactor is of libecki applicable on the overall schedule so that is this is also a item rate we can say that but that percentage which which is the contractor give that is applicable on the overall schedule whatever the items is mentioned in that schedule that rate that percentage will be applicable for the every item so now let's go to next the type of contract is item rate or unit rate contract which is very common contract the contractor code the rate for individual items of the work on the basis of schedule of quantities bill of quantity is given by the line so what owner prepare the BOQ the RL you can say the schedule of quantities and give to the contractor or three or four conductors all the contactors just give their rates and we select the lowest one lowest to be prepared that compression statement we award after that we award the contract the next one is the schedule of quantities indicates full description of the items estimated quantities and their units in the schedule of quantities every item have the very much full description and the specification so that the contractor can fill the Wraiths there will be no chance of any dispute so the next one is this is the best and economical procedure of contract as payment is made only on actual working so whatever the actual work done will happen the contractor will be paid for only that so the next one is the owner and contractor both are happy as there is a no uncertainty about the contract value as I said to you earlier the owner and contactor both are happy in this field because owner is also very happy whatever the contractor will do I have to pay for only for that nothing much nothing less nothing more now the third one is cost plus percentage contract in this contract when there is an uncertainty of work and rates of labor material etcetera liable to fluctuate abruptly the cost plus percentage contract are generally adopted there is an agreement between the owner and the contractor by which the owner the contractor will be paid for and the basis of actual cost incurred plus a fifth percentage as overhead and profit as I said that the next one is the contractor have to maintain all proof of expense to get the cost plus percentage contractor will have to maintain all the proof of expenses they have to prove that these are the expenses and on that they get the percentage now the fourth one is splint the area rate contract in this plinth area rate contract the rate is based on plinth area of the building the rate is calculated on the basis of description and specification of item so all the calculation have been done previously and on that a plinth area rate can be calculated so rate is per square meter of the plinth area so calculation is very easy for billing purposes just - you have to calculate the plinth area and multiply by the rate per meter per square meter there is a per square meter rate or per square feet lead you just multiplied it and you get the value if any specification changes so that is calculated separately and paid if there is any specification changes so that calculated separately and paid payment method is divided in percentage of work like compression of foundation 25 percent conditioned upon Delta level 15 percent up to slab and so on so and so forth so this type of payment terms are given in that contract so now the I am going to explain the fifth one v is lump sum contract as the name indicate it is a lump sum contract this is an agreement in which one party consents to pay another party a specified amount normal established by competitive bidding so in this lump sum type of contract a fixed amount is established between the contractor and owner and the contractor will have to work within that amount generally this type of contact is used for the small work because there is a chance of loss so so no one want to take a high risk so because there is a chance of loss or more profit in this type of contract sometimes the contact will get more profit also in a lump sum contract the owner has essentially assigned all the risk to the contractor it is mentioned in the contract if there is any risk arises so that will the contractor will have to take that risk so now the next one is a PC contract EP c stands for engineering procurement and construction it is a significant form of contract in the construction industry it is a very significant form of contract in this type of contract the contractor do the engineer a procurement and construction I mean all the designs consultancy all these things are done by the procurement construction is done by the contractor in EPC the owner provides the basic engineering to the contractor and the contractor needs to perform the detailed design based on the basic desires received by the owner so the owner will give just the basic designs to the contractor and now the contractor will have to provide all the detailed drawings designing and the procurement and construction all will also be the in the part of the contractor and last one is this contact may be the item rate or lump sum contract so this may be the item rate or lump sum but all the engineering to government will be done by the and construction will be done by them contractor in this type of contract the private company finances designs constructs operates and maintains and infrastructure objects for a period of time and then transfer the ownership of the project to the government all these things finance design construction operation maintenance all these done by the contractor and that is there is a period they get all these money from that project if there is any highway project so they get the toll taxes so when that tour I buy the total tax they recover all these monies then they hand over to the government so during this period the private company is entitled to retain all remainings generated by the project and is the owner of this facility so that at this time that contractor is the owner of this SLT so this is a very important contract nowadays and in the big projects highways projects the maximum this boom welcome back to my youtube channel I am rock vane and in this video I am going to explain you the contract documents I will explain you here what are the necessary documents for the contract so only agreement between two parties is not a contract but include all other documents and correspondence which are mentioned to form integral part of the agreement so without these documents the contract is incomplete and that's why it is important and customary to refer as contract documents so these documents are very important for to form their contract so please watch it carefully and this the list of this documents are first is aggravate later of acceptance or later of intent or Notice to Proceed next one is contractors bit tender document general condition of contract which is also called the GCC next one is a special condition of contract which is in short we can say SS SCC subsequent amendments technical specification drawings and bill of quantities or you can say the schedule of quantities so these are the list of the documents which are important for the contract so now I am elaborating these things first is agreement so this is the sample for the agreement first of all the stamp paper and on the stamp paper that below mentioned there is a written the contract between this agreement is between the parties name first and second you can download this agreement sample from the description box so I am just showing this this is a stamp first of all the stamp paper or 100 rupees stamp paper and then the agreement between two parties the constructions of subcontract or whatever is the name of the contract and below that there is a two witnesses who signed it and the first party and second party also sign which you can say that the client and the contractor there are two parties in so this is the sample agreement the next one is later of acceptance which is also called you can say the letter of intent this is the sample of that and you can download it from the description box I am just showing it this is a letter of intent the reference number work name references you have to give the all the references then later of intent in the letter of intent you have to say that your offer is accepted and now I am avoiding you the contract value of this amount to you and below the client authorized person of the client will sign here on head of the contract whoever is signing authority of that company he will sign it so as I said that you can download this sample from the description box I have given the link right there and you can download it now next one is contractors bit or tender document so contact us final proposal along with price so whatever the final proposal have given by the contactor you have to also attach it with the contract of document so this is also a part of the contract document next one is general condition of contract the general condition of contract is also called GCC contract conditions that set the minimum performance requirements for the contractor and are common to all types of contracts these conditions also includes the right and responsibilities of the client consultant architect as well as contractor involved GCC's are integral part of the contract so actually general condition of contract is a very big topic and for this topic I will make a separate video I am just here introduction giving the introduction of the GCC and there are so many components of the general condition of contracts so I will explain it every component of the general condition of contract in a separate video so wait for the next video and I will explain all the components and I will also give the sample of that general condition of contract a special condition of contract the condition which do not fall under general conditions and specific for the particular project so the general condition of contact and a special condition of contract for this I will make a separate video and I will explain it in the details because because it is a very long subject and I will elaborate the good things in that separate next one is subsequent amendments and whatever the amendments have been done during the discussions to fiii mean the finalization of the contract you also attach these things next one is technical specification so technical specification whatever the items is mentioned in the bill of quantities how it will be perform and whatever the technical specification it must be mentioned here this is also a part of the contract so specification of every item material process service workmanship all as well as test requirements so this is the technical specification next one is drawings so all the tender drawings this is not a general I mean the GFC drawings actually but the tender drawings initially which we got from the architect so that should be the part of the contract tindr drawings by which quantities have been taken out plan elevation and section of drawing but not GFC so this is not an GFC good for construction this is not a good for construction right next one is bill of quantities this is the last part of the contract bill of quantities so in the bill of quantities in which item description of work unit of measurement quantities of work rate for doing the work and total amount of the work so I am also giving you the sample of this BOQ and you can also download this BOQ from the description box so this I am attaching here the BOQ for the civil work only so I'd like earth work plain cement concrete reinforcements cement concrete so this is the item rate reinforcement formwork machinery work plaster work structural steel and so on true condition contract conditions that set the minimum performance requirements for the contractor and are common to all types of contract these conditions are also include the right debt as the less contractor involved GCC's are integral part of the contract so this is the definition of the contract so let us start the important clauses of the general condition in this definition clause we define what is engineer architect contractor client own virtual completion working time and other terms used in the contract we explain here the second what is the scope of work in this is preferred date of commencement date of commencement means at what date the work will start by the contractor so we can say that that is the starting date of the project nature of contract nature of contract on some contract on cost plus contract so this is the nature of contract next one is all-inclusive with rates we define whether the rates are inclusive of taxes or exclusive of taxes is exclusive or inclusive we define in this clause next one is insurance in this insurance part like the always policies so the contractor will provide the all risk policies and any other incidents required so who will be responsible whether the contractor will do it or the client will do so in this instance five we define all these things it's it's very important classically lower regulations in this level of regulation contractor will be responsible for on labor laws such as pavement wages it's a wide I explained here definition scope of work date of commencement nature of contract all-inclusive rates incidence and labor regulations few of them are still remaining so let's go to the next slide ESI and EPF es contribution if it like employees state incidenc this is ESI and Employees Provident Fund EPF so the contractor will also responsible for this thing so next one is mode of measurement and any other method will be followed so in this mode of measurement the description is given next one is payment how the payment will be given I mean if there is any advance payment and after something that are running I can't be how the payment will be released there is any a document will be released so all this Damon's realistic things is mentioned in this payment clause next one is extra terms of substituted item how the extra item is defined I mean whether the person the profit is 15 percent cause plus materials plus labor whatever is in it is defined how extra item are substituted item will be there you are derived so this is also important clause next one is time for completion so as you know that the work is the time of completion we mention it whether it is a one-year project or two years so by on what date this project will be completed next one is virtual completion of work virtual completion war of work is actually completion ixnay glyphs we give up late in the construction field the safety clause it is all safety votes to be followed and if there is any penalty if the contact is not following the safety code so we mentioned so I explained ESI and APF mode of measurement way means extra time substituted write-ups time for completion virtual completion of work and safety now there's a few clauses also left in the general condition of contracts so let's go to the next slide in this next slide this is the dispute settlement and arbitration so a form of alternative dispute resolution is a way to resolve disputes outside the court so this is the arbitration is now a system by which you can get with settlement outside of the important liquidated damages if project is delayed so what the penalty will be imposed on the contract and so this is called the liquidated damages generally the liquor more than the fun and next one is extension of time so in what sir comes even to the contractor guarantees of the work whatever the executed whatever the work being heated by the contactor so the conductor will give the guarantee for that defect liability period in this difficulty piece withheld with the client and after the fact liability period that security or attention money is released this is a force majeure force actually condition in which in what circumstances the delays not considered if any delays is happened but there is some circumstances if they're between two countries or any earthquake happens will these conditions many days not last-minute termination is the conditions to terminate the contract by the client or by the canto I crane here dispute settlement and arbitration liquidated damages expansion of time guarantees defect liability period force Mario and termination so these all were the general condition of contract now let's move to a special condition of contract the special condition of contract what is a special condition upon the condition which do not fall under general conditions and is specific for the particular good so this is called a special condition so special conditions contact first is performance bond a bond issued by a migrant in the fulfillment of a particular contract this is a performance next one is earnest money and unless money is a specific form of seeking to deposit made in some major transactions such as real estate dealings are required by some official procurement process a serious and willing to demonstrate an earnest of good faith wanting to complete the transaction so whether he is serious or not for that there they have to deposit some money next one is mobilization of us it was given to the contract of the value of the project next one is water electricity with that client will provide free of cost for all capital will arrange so this is a water electricity next one is escalation free contract supply of material by client so what are the material supplied by the client so we mention here and what will be the wastage consumer consideration this is mentioned in this cloth and last but not the least reduction money as you go to deposit which I explained earlier at the time of defect liability period so this retention amount is withheld with the client for the rectification of the work if contract have not rectify the work during the difficulty period so by this security amount that I am going to explain the escalation clause this is very important in the construction contract if you are a civil engineer and want to learn this escalation clause so it's very important and I will explain here in a very easy method so watch this video carefully this is also called called the price variation clause PVC the railway department and clausten CC in the CPW tip I will explain all these things whether you are in working in the private sector or railway department or in the cpt low department or in any government department so you can learn the escalation how to calculate the escalation in a very easy method so I am going to explain here what is escalation loss or price variation clause or class 10cc CPW I will explain here the meaning definition and explanation so all three things are important to learn here so first of all escalation is defined as changes in the price of specific material and labor so this mechanic is if you changes or think a garage that at the time of contract still too late other 15-piece have and one month year to month path is correct I got 55 rupees data so that that difference how the difference will be calculated so I will explain here in this clause the basic rate of significant engineering materials such as cement steel breaks etc and labor rates price index are mentioned in the tender either basically it is dip mentioned or the price index it is mentioned and the difference is payable or recoverable if difference if the rate is less so we will recover it from the contractor and if the rate is higher from the time of the tender so it will be payable so the only the difference are colored by the formula given in the tender so the formula is given in the tender is step formula calculate correctly determine the air attack - Oh Mia calculated connoisseur hunger or the formula here at that was a difficult kept I it seems quite difficult give you a master formula over here it will be very easy to mug up this formula so this is just I made a graph here sometimes the rate is high suppose that the price index is 100 rupees at a time of tender it might be in the in a quarter after one quarter it become a 120 or it be govern ein T so these things are happening in the time of the period of the tender so we how you will calculate it by the formula given in the tender so first of all before explaining the escalation the I am going to explain what is the terms are related to the escalation first is the wholesale price index what is wholesale price index actually it is given by the Office of Economic Affairs I will show the website of this wholesale price index where you get it and this at the time of tender you get the wholesale price index at that time or jovi difference for the hydro be a squat early so they will refer or do say consumer pride Price Index CPI which is issued by the Reserve Bank of India bulletin so and the next one is basically what is basically the basic rate for material is the cost when it is delivered to the site including all taxes and device and freight so this is the basic rate basically do a for outside come look at a govt material and purchase in your site they ponche including all taxes jovi rates per there you go basic rate so many of the tie up photons related to escalation when I have wholesale price index WPI which is issued by the Office of Economic Affairs and the next one is Consumer Price Index this is issued by the Reserve Bank of India ability and the next one is basically the basic rate fo are at site I am going to expand omastar formula for escalation cost variation how we can calculate cost relations cement steel or other materials or labor first of all the work done the work done you can calculate the work them by the abstract by the whatever the work done has been done Jo become who I aside pair Weber Curtain Carolina is Burton into percentage of component given in the tender who's managed a cement seaman who on my calculator not to similar percentage the alga spirit end of a mileages cement pond the person user yeah I put it in Herman via Hoover we have captain the person looking into percentage change in wholesale price index other percent wholesale price index make a changes aya what every other militia at the time of tender others or pirate or as work so these repair a true here Chris comic Lobby a 20-piece Baraka 20 percent but again ck to use 20 percent in a pelican take 20 why do you care second clear cutting it if Allah had real work done in two percentage component of given percentage component given in the tender Joe betrayal over I still ever I still manage a 35 percent be aware up to 35 percent willingly or percentage change is now a percentage change where the five percent change where it quarterly Tommy okay five personality Omega example they round up example for escalation a burden mileage a the cigar table whose material the component 40 percent a manager when we steal here could be steel component medical now this steel ever forty percent the our Enderman basic rate of some handed base price index tutor 100 that price index for this quarter 121 quarter average nickel in Hampi new month uh taking a so websites say or website maybe have to dig around whose website say after a piece co-opted quarterly average they click echidna arctic so the stop it x2 t so gay ugly my name Felix Oh Charlie severe history cases average Nicolini I was going manager average 120 other out cost variation equaling W 10,000 into 40 50 divided by hundred in - 120 - ended by undeveloped 20% EI v TK so 1000 into 0.4 into 0.23 agent little Peter it's coming up the sahaja army they are my arts or okay I say escalation Danis will now see the website of Ekron office of the economic advisor suppose that you've cement for the economically you in a cement type here are the key ordinary Portland cement ordinary Portland cement you thinking it basically it's Thea where January February March harm on twice a day over - yaja say of a price index Lillian giving us a calculator legatee history case ma up Co RBI ecovida cacao rpie gluten all self rises and textual through Google site here equivocal Raya web sites baby up you have there's a real wave Department our table you can go later top in the asset here is a bank of an APA Britain any assay office school huh Price Index place up there think so yes Tariq aqua simple method for escalation it gives the matter Joe you see I got a table is maybe you scared at the private sectors me cost variation cousin economy money gem it is steel pinnacle at the weight of his tail did my weight of a still consumed obvious that manage is not an usual here whose key whose curve really clear a cos Arkady Manila Tijuana D difference in rate Pele pasado paratha at the time of gender how we respond okay over here to pacify stomach loved it but again a very a will Tahoe taco - we gotta look at the ether into five five thousand rupees yes a mint data take it one a career killer whose mysterious chaos Spearman yes so yeh tariqa yeah my up go biscuit and skvd hot down here AKA tender private except tell me you used here at that obviously bricks pinnacle muhammad o QB q bt a quantity of bricks used as per theoretical consumption of kitna managed to attract a big meter while brick birth who same component say standards and handling equipment number of bricks usually or great difference here trade difference devaglia mileage is a difference ouro preto de travail bricks cubical quantity of bricks feel desperate to convention Esper only generate guitar picks use with a period two hundred rupees please take a selfie carnegie about simple method and lucema up to the account GCC up by a CPWD guide it's made 0.85 let there and we call there what w skillet or another percent of monthly and reports on the hcg changes peak way escalation EP will return so 0.85 pay he got a formula DIY you see three cases of price variation closed except Anna baby up the kab keep fuel component fixed component with you already when the person fixing this pit push be excretion name will ever labor component the American volunteer obviously yeah here formula T will Jethro's our luck tank about difficulty formula for you firmly actually make name difficult Athenians so he firmly bill cool is in jessamine but I have a formula will cool easier work down into percentage of component given in the tender into percentage changing wholesale price index - yes impulsive formula roderick Liggett also wavy escalation easily thanks for watching please subscribe like share and comment for more useful