What is a liquidating agreement and how does it function?

What will be an ideal response?


A liquidating agreement is one where the subcontractors pool their claims
with those of the prime contractor, and the prime will present them against
the owner. Under such an agreement, the prime confesses liability to the
subcontractor for owner-caused delay (for example), the subcontractor
releases the prime from all other liability, and the subcontractor is relegated
to whatever delay damages the prime can recover from the owner.

Trades & Technology

You might also like to view...

Which class of flame spread rating encompasses the values 26-75?

A. A B. B C. C D. D

Trades & Technology

The ____________________ line on the bottom of the hoof marks the outer edge of the junction between the sensitive part of the hoof and the horny hoof.

Fill in the blank(s) with the appropriate word(s).

Trades & Technology

Which form of matter has neither a definite shape nor definite volume?

A) Solid B) Liquid C) Gas

Trades & Technology

Many of today's computers utilize a technology that allows for electronically erasable programmable read-only memory (EEPROM).

Answer the following statement true (T) or false (F)

Trades & Technology