Fixed-price contract

Cost-plus contract

Time-and-materials contract

Guaranteed maximum price contract

To guarantee that the contractor will complete the project on time and within budget

To protect the owner from financial losses if the contractor fails to complete the project

To ensure that the contractor has the necessary experience and qualifications to complete the project

To provide a source of funding for the project

A warranty is a promise that the product will meet certain specifications, while a guarantee is a promise that the product will perform as expected

A warranty is a promise that the product will be free from defects, while a guarantee is a promise that the product will last for a certain period of time

A warranty is a promise that the product will be repaired or replaced if it fails, while a guarantee is a promise that the product will be refunded if it fails

A warranty is a promise that the product will be safe to use, while a guarantee is a promise that the product will be effective

To give the contractor a legal right to payment for work performed

To protect the owner from financial losses if the contractor fails to complete the project

To ensure that the contractor has the necessary experience and qualifications to complete the project

To provide a source of funding for the project

Negligence is a failure to take reasonable care, while strict liability is a liability that is imposed regardless of fault

Negligence is a failure to act, while strict liability is a failure to warn

Negligence is a failure to comply with a legal duty, while strict liability is a failure to comply with a moral duty

Negligence is a failure to prevent harm, while strict liability is a failure to repair harm

To identify the potential environmental impacts of a project

To develop measures to mitigate the potential environmental impacts of a project

To obtain a permit from the government to proceed with a project

To provide information to the public about the potential environmental impacts of a project

A tort is a civil wrong, while a contract is a legally binding agreement

A tort is a crime, while a contract is a civil matter

A tort is a breach of a legal duty, while a contract is a breach of a moral duty

A tort is a failure to act, while a contract is a failure to warn

To limit the amount of time that a person has to file a lawsuit

To protect the defendant from being sued multiple times for the same incident

To ensure that the evidence in a case is still available

To provide a fair and orderly process for resolving disputes

A patent protects an invention, while a copyright protects an original work of authorship

A patent protects a process, while a copyright protects a product

A patent protects a design, while a copyright protects a literary work

A patent protects a trademark, while a copyright protects a trade secret

To protect confidential information from being disclosed to third parties

To prevent a person from using confidential information for their own benefit

To ensure that confidential information is used only for the purpose for which it was disclosed

To provide a legal remedy for the disclosure of confidential information

A liquidated damages clause is a provision that specifies the amount of damages that will be paid if a contract is breached, while a penalty clause is a provision that specifies the amount of damages that will be paid if a contract is not performed

A liquidated damages clause is a provision that is enforceable by law, while a penalty clause is a provision that is not enforceable by law

A liquidated damages clause is a provision that is agreed to by the parties to a contract, while a penalty clause is a provision that is imposed by a court

A liquidated damages clause is a provision that is designed to compensate the non-breaching party for their losses, while a penalty clause is a provision that is designed to punish the breaching party

To excuse a party from performing their obligations under a contract if an event occurs that is beyond their control

To provide a legal remedy for the breach of a contract

To ensure that a contract is performed in a timely manner

To protect a party from financial losses if a contract is breached

A warranty is a promise that a product will meet certain specifications, while a representation is a statement of fact

A warranty is a promise that a product will perform as expected, while a representation is a statement of opinion

A warranty is a promise that a product will be free from defects, while a representation is a statement of intent

A warranty is a promise that a product will be repaired or replaced if it fails, while a representation is a statement of value

To define the rights and obligations of the parties to a construction project

To provide a legal framework for the construction project

To ensure that the construction project is completed on time and within budget

To protect the owner from financial losses if the contractor fails to complete the project