![]() In the construction, if the delay in the completion of project work is not due to the contractor, then in this situation contractor should write a letter to the department or owner for the extension of time. If the contractor is not able to pay compensation for the delay of work then in this situation the authority may take possession of all tools, plants, materials, and sell them after sending a written letter to the contractor. The amount of bonus, if payable, shall be paid along with the final bill after completion of work. ![]() The incentive is subject to a maximum limit of 5% of the tendered value. If the contractor completes the work ahead of the scheduled completion time, a bonus of 1% of the tendered value per month computed on a per-day basis, shall be payable to the contractor. If there is any delay in the completion of the construction project then the contractor is liable to pay compensation to the department or owner around 10% of the contract price. In the construction work, the work shall be started from the 15th day after the order of work or any specified date during the contract. The contractor shall deposit around 10% of the estimated cost as security money with the department including the earnest money which is already deposited at the time of submitting the tender. ![]() The security deposit in the construction industry is nothing but it is security money deposited by the contractor as a tendering amount with the department. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2023
Categories |