What is referred to as timely completion
When the subcontractor agrees to take up the contract and start working, he is required to complete all the work in the way the prime contractor requests him to do and that too needs to be done by a specific date. This agreement is entered into by both parties and in order to ensure that this work is executed as per the time limit specified, the Timely Completion clause is put in. This clause also mentions what are the damages which will be borne when the time limit is not fulfilled and the amount which will be deducted from the price of the contract as a result of the damages and this is a kind of a penalty for tnot completing the work in time.
When the delay occurs due to an action or neglect or defaulting on the part of the owner or the main contractor, or if there is damage by fire or any such calamity or casualty where the subcontractor is not to be blamed then in such cases, the time period for the Timely Completion is extended by a few days but this is only done when the sub contractor in writing presents the claim to the contractor in a stipulated number of hours of the event occurring. In case the sub contractor still wants an extension, then no further extensions are to be given. These are the details of what is signed by the contractor and the sub contractor as part of the Timely Completion clause of the project.
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