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Standard and bespoke contracts

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Compare the relative advantages and disadvantages of standard form contracts and "bespoke" individually negotiated contracts, in the light of some of the issues that have been addressed by statute and case law.

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The response addresses the queries posted in 943 words with references.

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The response addresses the queries posted in 943 words with references.
As per the directions, we will write a brief overview of contract followed by brief description about two types of contracts implemented in construction sector. Mainly, standard form contracts and bespoke individually negotiated contracts are discussed below.

Contracts are recognized to be important in all kinds of business deals and construction projects. The reason behind this is the contract obligations require preparation of legal documentation to highlight the key technicalities involved in the project. It provides a supportive base of legal document to justify the complex characteristics of the projects. Therefore, the contracts are complex in its form that reveals general and specific conditions of project (Loots & Charrett, 2009). Below described are the two forms of written construction contracts which are used for managing the requirements of construction projects.

Standard Form Contracts: It is defined by considering the legal responsibilities to be followed by both the parties. It is formed on the basis of the coordinated and integrated efforts of people, whose conditions and terms are suitable for common projects. These types of contracts allow off the shelf specifications to the parties for using it in complying with the project requirements (Hughes & Maeda, 2002).

Bespoke Individually Negotiated Contracts: It is specially defined contract in accordance to the individual project requirements, so that the project can be completed properly. It is widely acceptable among construction firms for managing legal aspects of complex projects. ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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