The Building Contractor’s obligation is to bring the Works to practical completion by the Date for Practical Completion. A failure to bring the Works to practical completion by that date will usually expose the Contractor to a claim for damages (usually “liquidated damages”) by the Principal.
(KPI) Key performance indicators are the clear indicator of a specific measurable activity or result that may be used to assess project performance. Targets or ranges of performance may be attributed to KPIs.
(KRA) Key Result Areas are used to provide meaning to the KPI value. KRA is an area of project operation in which the performance is of significant interest to the Contractor, Main Roads and/or other stakeholders.
Contract tendering has the potential to bring or win significant business for a construction business, it is also an opportunity for a client to carefully consider and select the right contractor for the project.