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MODEL
FORM MF/1
Lecture One: Adjustments to the Contract Price
- Introduction
- The
meaning of 'Contract Price'
- Reasons
for expressly providing for adjustment
- Matters
for which the Contract Price may be adjusted
- Matters
for which the Contract Price will not be adjusted
- How
the Contract Price is adjusted
Lecture Two: Unexpected Site Conditions, and Claims for
Extra Payments and Notification of Claims
- Works
underground or involving excavation
- Informing
the Engineer and obtaining approval
- Requirements
of Clause 41
- Notification
Procedure
Lecture Three: Valuation of Variations and Schemes
for Interim Payments
- Requirements
for an instruction to give rise to a variation
- Notification
requirements
- Determination
of the amount to be added or deducted from the Contract Price
- Limit
on value of variations
- The
provisions for interim payment set out in the General Conditions
- Payment
for work carried out off site
- Terms
of payment
- Frequency
of payment and valuations of work carried out
Lecture Four: Release of Retention Monies, Payment Bonds and Effect of
the Final Certificate
- Release
of Retention Monies
- Advance
payment guarantees
- Performance
bonds
- Final
Certificate of Payment to be conclusive evidence
- Matters
for which Final Certificate of Payment is not conclusive evidence
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