Shape acts as head contractor/construction manager. They engage third party trade contractors to carry out the construction work on its behalf.
They have 2 types of contracts : - "lump sum". They are required to complete the project for a fixed price and by a fixed date. In this contract, they carries the burden of any cost overrun,
- "cost plus". Under this, they charge a fee (usually fixed amount) for performing its pre-construction services and for managing the project. They are compensated for the 3rd party costs.
Regardless of the type of contract : - Shape is responsible for any construction defect in the works performed, - if the project is not completed by agreed date, they are often required to compensate it for delays, - Shape carries the risk of any cost overrun or delay that arise as a result of a trade contractor's default or insolvency, - they need to provide third party security to its client. Generally 5 % of the contract sum, - client can terminate the contract at any time for any reason.
SHA Price at posting:
$1.70 Sentiment: None Disclosure: Not Held
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