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Friday, 5 January 2018

CONTRACTS AND FORM OF CONTRACT

When two or more persons have a common intention communicated to each other to create some obligation between them, there is said to be an agreement. An agreement which is enforceable by law is a “Contract”.

According to section 10 of the Indian Contract Act, 1872 only those agreements are enforceable by law which are made by the free consent of parties competent to contract, for a lawful consideration
and with a lawful object and are not expressly declared to be void.


TYPES OF CONTRACTS

Contracts for the execution of civil engineering works are of following types:

a. Lumpsum contract
b. Item rate contract
c. Lumpsum and schedule contract
d. Cost plus fixed fee contract
e. Cost plus percentage of cost contract
f. Special contracts

Written by : PARAG KAMLAKAR PAL.

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