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Extracts from this document Introduction. February LLB (hons) Full time; Year One. (See separate sheet for full page of references) Tort Coursework;.

University of Phoenix, This paper will discuss an analysis of the issues presented in the Contract Creation and Management Stimulus. C-S personnel started to protect C-S personnel because of the quality of their work. It is possible that most can avoid the contract if these things are explained clearly in the original contract.

However, both companies, the results of conditions and periodic meetings need to be submitted to the directors. It is not impossible for raised complication, still breach of the contract might be possible. Currently C-S has taken the responsibility of monitoring the performance and communication process between both of the companies. In this situation also probable invasions of intellectual property might grow. According to the starting contract , the payment of the full service will have rights of the product as well as ownership.

The payment of labor and entries are not received by the company and as a result other companies need to be contacted by C-S for making contract. Also the company There were problems with this contract from the beginning because the specifics of the contract were ambiguous from the start. The companies involved developed a contractual relationship by evidence of an offer, acceptance of the offer and valid and legal consideration, which in this case is money for services rendered.

However, the deliveries were behind schedule, and the quality of the work was not acceptable by C-S, who was now considering rescission of the contract. C-S is considering rescission due to material breach of the contract by Span. This makes it possible for Span to make a claim for Breach of Contract under substantial performance of contract against C-S. The formation of a contract is the way the contract is put together by the parties involved.

Prior to Span Systems' director signing off Citizen-Schwarz AG's request, a panel of senior programmers at Span Systems needs to approve the request, so programming changes can be adequately evaluated. Span System programmers want to be assured that timetables and schedules can still be met within the agreed upon contract.

This clause is meant to formalize a change and suppose to notify and bring in upper management from both sides to handle a change request by following the Information Technology Project Methodology Standard.

Contract Creation And Management Simulation Essay - Words - BrightKite

This clause is not written to handle out of the ordinary requests. This clause needs to be able to handle difficult requests and effectively document a procedure that can hold both sides accountable for changes made to the original contract. This clause also needs to be streamlined, so that both parties can act quickly upon agreed changes to the contract.

It would be best to amend a clause Eight months Sign Up. Sign In. Sign Up Sign In. Home Essays Contract Creation and Continue Reading Please join StudyMode to read the full document.

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Contract Creation and Management Simulation Essay Therefore, contractors need to work really carefully for the project cost in the bidding stage. Any mistake of the project cost will affect the all tasks of the project. Construction is a specialized industry and construction companies must have specialized credit system. Also, the accounting system should provide for phase coding, identification and allocation of indirect costs, and procedure variance reports.

Timely and accurate financial information is really critical point in the construction industry and without this information: a company cannot make sound business decisions. Tendering process of the project will investigate contractors experience in construction industry. In addition, consultant firm needs to approve financial background of the contractor. Hence, the contractor needs to send all documents to the client for investigation. The client is the investor of the project and after tendering process of the project, only the contractor won the bidding.

For this reason, sometimes Contractor needs take loans from the banks Sweet and Schneie,, pp As it is mentioned, sometimes Contractors having multiple tasks, according to that multiple debts to banks might occur a problem for Contractor getting loan from the banks. In this project, most of the materials are imported from different countries. Foreign exchange rate play important role in construction material market Schulingkamp For this reason, exchange rate of the market needs to be watched and analysed.

Imported material list needs to be updated with the market price list, in addition the countries exchange rates that imported materials produced needs to analyse weekly and monthly. Inflation is the last factor of the financial problems that might be faced by the contractors. In this project, inflation was calculated by contractor firm such as material prices and labour wages. For this reason, inflation was fixed for material list, labour wages in the contract of the project. Hence, inflation will not effect on the project, although probability of inflation was calculated 0 for the case study.

The simulation of the case study was created to analyse how the uncertain event can impact the projects budget.

As it is mentioned, each uncertain events probability was calculated according to their impacts on the schedule of the project. Also, for each uncertain event has a value if it occurs. Monte Carlo system used for the simulation. As a result, the simulation times illustrates the results and Table 14 presents according the one of the possibility. In addition, the simulation also calculates mean and standard deviation of the total impact. Figure 12 presents the total actual impact of the simulation.

The x-axis presents the probabilities of the uncertain events and y-axis does the value. The like hood divided into 3 parts according to the cost range which is between Mean was calculated Also standard deviation was Accordingly the simulation also presents the maximum value calculated Standard deviation is the most important factor in analysing the risk in the graph. Square of the standard deviation gives us the variance. The variance can be defined as average squared distance from the mean. Gravetter and Walnad p. In addition, in the graph, the cluster was found between Moreover, the variance will give the unexpected risk distributions in the graph as well.

Figure 6 presents cash management of the project. According to graph, yellow presents the budget, blue des the actual and green does remaining. The graph clearly clarifies, after starting the project, estimated budget was wrong and actual was more than estimated budget. According to the simulation results, the maximum additional cost was found The total cost of the project was estimated Scheduling risk analysis is the second part of the case study.

In a condition when detailed information about the prospect finishing date of the project is willed to find out, the other required organized analysing method for projects is schedule risk modelling. According to the study, Primavera software used in the project for controlling the schedule. In addition, primavera also used for analyse the gantt chart and activity networks of the project. Questionnaire survey ranked as a top 12 construction delays according to mean values. The project consists of 7 basements, ground floor and 2 normal floors.

Additionally tower part of the project has 7 basements, ground floor and 43 office floors. The bottom reinforcement of details can be found in the Appendix K part of the report. There are some delays to find out;. There 2 delivery delays are figured out from scheduling of the project.

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The project known as new commercial development known as Zorlu Levent offices including the tower and other offices. The architecture firm designed the tower part as office and large panel window systems suggested by architecture firm. According to that, the panels were ordered from China and there was 14 days delay in delivery. The second delay problem was found in delivery steel beams of materials on site. Steel beams were manufactured in the steel factory then the delivery stage will started. Before the delivery, steel beams needs to be approved by the quality control engineer of the factory and the engineer from Turkish Standard Institution as well.

Extract of sample "Recognizing Contract Risk and Opportunities"

Hence, some lack of quality beams were found and send it back to manufacturing process. As a result, there was 6 days delay in delivery. Figure 15 illustrates delay in large panel windows on site. Istanbul is located between two continents, accordingly daily and monthly weathers might be wrong sometimes. Project started 12th of July when it was summer. Additionally, starting from July, weather is hot and humid. The first delay occurred because of high temperature of the weather.

As it is known, the ideal temperature range for placing the concrete is to F. Also high temperatures can reduce the strength of the concrete. According to high temperature, there was 12 days delay in the construction. In the Gantt chart option of the primavera, it can clearly seen it also affected each floor placing the concrete. The other problem was also found out cause of the weather conditions.

Wind factor was the other fact that generated a delay in the project. For this case, sometimes crane stopped cause of strong wind conditions. According to that, there was 6 days delay in the construction. Figure 16 presents network activity of tower cranes.

Since 6 days delay cause of the strong wind conditions, the other crane was added by the contractor to complete the process. The project started with excavation stage. Excavation can be expressed as cut and fill, cut can be defined as removing material to lower the elevation of an area. Fill is slightly different from than cut, removing material to raise the elevation of an area.

Additionally, the density of soil can increase during a fill operation with compaction. According to landscape background, it was constructed a chemical factory to area.