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The contract related laws are promulgated to regulate the dealings between
individuals or organisations. Before the advent of these laws, business
transactions and dealings were governed by customs, conventions and
religious practices. With the advancement of societies and growth of modern
civilization, the codification of law dealing with these matters became very
essential for smooth operations in the civic and business areas. Accordingly,
various laws were enacted relating to Contracts between two or more parties.
This process started with the enactment of Indian Contract Act - IX - 1872.
Then onwards, series of laws came into existence, such as Sales of Goods
Act, 1930, Contract of Bailment and Pledge, Contract of Agency and Indian
Partnership Act, 1932, etc.
In the process, the idea of contract was given proper shape and meaning by
Indian Contract Act, 1872. Basically, the Contract is defined as an agreement
enforceable in law. But the agreement between two parties to come into
existence, there must be an enquiry from one party for products or services
and the proposal by the other party to provide the same. Such offer when
accepted by the first party becomes an agreement. This agreement can
become a valid contract, if following conditions are met with.
Above conditions are clearly provided in Indian Contract Act, 1872. These
issues need to be discussed when a detailed review is taken up of concerned
provisions in a separate article on Indian Contract, 1872.
E) On Completion of Project
A External Issues
i) Weather record including rain, temperature, humidity, fog and
any other unusual natural conditions, on any particular day.
B) Internal Issues
i) Record of work force with main contractors and sub-contractors
everyday.
iii) Record of main activities, such as, concrete and steel work done
everyday.
iv) Notes on unexpected ground conditions at site and action taken
to overcome the same.
iii) Record of any other visitors and notes on discussions with them.
7
F) General Issues
i) Special marking of all events and records which may give rise to
claim for extension in time and for increased cost.
iv) Maintaining the safety of all records for future information and
settlement of all claims.
Conclusions
Following topics need to be visited in greater details to get the full picture of
this important subject.
1. Indian Contract Act, 1872 and its significance for Contract Management
Strategy.
By
Prof. Ajit Patwardhan
Head of Department,
Infrastructure Development and Management,
National Institute of Construction Management and Research, Pune.
Address
64, Ideal Colony, Kothrud, Pune 411 038
Telephone no. 2546`738
e-mail - ajitvpat@vsnl.net