Contract, and its key components
We are all familiar with the terms "contract" and "contractors" . And many of us aspire to establish a career in this field because of its financial scope. Now people mostly think that contracts, and getting contracts, is a simple process. You just have to fill the tender and if your bid is good, you might get it. But that's just a grain in the sack. In order to become a good and successful contractor, you must have the complete knowledge about contracts, and all the stages and processes involved- from initially filling a tender, to finally getting a contract. Let's start with the basics. WHAT IS A CONTRACT? A contract is a legally binding agreement between two or more parties. It outlines what each party agrees to do or provide and what they expect to receive in return. In construction works, a contract is a legally binding agreement between two or more parties that outlines the terms, conditions, rights, and obligations related to a construction project...