This phase is where the Main Contractors and/or Management Contractors are awarded via the signing of Main Contracts. At the end of this phase and after the main contract is resolved, smaller contracts are sourced and negotiated.
After the award of contract, there are a lot of contractual and financial issues to be immediately followed in order to comply with the specified terms and conditions and within specified milestones.
Signing of Contract
The formal contract documents will include all the documentation, attachments, drawings, addendum, security of the selected contractor, and of course, the tendered price for joint signature or seals.
The signing of contract should be performed and returned to the relevant parties shortly after the work commences. However, for the signing of the sub-contract, some of the main contractors like to leave it to a later stage and are sometimes even reluctant to return the signed copy to the sub-contractor. This is not fair and risky, and should be avoided.