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The Impact Of Effective Contract Planning On Contractors Profit
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1.6 SCOPE OF STUDY
This
research focuses mainly on the impact of effective contract planning on
contractor’s profit in Julius Berger Nigeria Plc, Uyo. Results and
recommendations may not be used to generalise other construction
companies in Nigeria, as the researcher could not cover a wider scope
due to financial and time constraints. Based on the findings of this
study other possible researchable areas may include studies on the
various effects of other aspects of contracts such as contract laws in
Nigeria and contract management and control.
1.7 LIMITATION OF THE STUDY
The
only limitation faced by the researcher in the course of carrying out
this study was the delay in getting data from the various respondents.
Most respondents were reluctant in filling questionnaires administered
to them due to their busy schedules and nature of their work. The
researcher found it difficult to collect responses from the various
respondents, and this almost hampered the success of this study.
1.8
DEFINITION OF TERMS Definitions of terms serve as the dictionary of
this research. The terms are defined to enable the reader understand
the research more clearly. Contract: Erikson (2002) defined Contract as
an agreement that creates an obligation binding upon the parties
thereto. The essentials of a contract are as follows:
(1) mutual assent;
(2) a legal consideration, which in most instances need not be pecuniary;
(3) parties who have legal capacity to make a contract;
(4) absence of fraud or duress; and
(5) a subject matter that is not illegal or against public policy.
Contract
Planning: According to Simmons (2007),Contract planning is the process
of systematically and efficiently managing contract creation, execution
and analysis for maximising operational and financial performance and
minimising risk.
Contractor: General contractor, organization or
individual that contracts with another organization or individual (the
owner) for the construction of a building, road or other facility.
Profit: Tucy (2008) defined profit as the difference between the purchase price and the costs of bringing to market.
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