Page 20 - Interactive report Ar Site Practice

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2.1.1 DOCUMENT REQUIRED PREPARED BY THE CONTRACTOR PRIOR

TO SITE POSSESSION

DEFINITION OF Possession of site

➢ Where the contractor have the right
to enter the site , occupy and use the
➢According to the new oxford site and carry out the specified
dictionary second edition, site” is works

defined as a piece of land where a
building was is or will be

“Possession “ is defined as the state
of having or owning something

PERFORMANCE BOND

➢ Issued to one party of a contract as a
guarantee against the failure of the

other party to meet obligations
specified in the contract.

➢ Usually provided by a bank or an
insurance company to make sure a
contractor completes designated

projects.

➢ Typically in the amount of 50% of the
contract amount, but can also be
issued for 100% of the contract
amount.