Smart Construction Contract

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Here we define a step-by-step briefing for the CBC Smart Construction Contract.

An overview of various types of financing and financing structures commonly used in project finance transactions. This note provides a brief description of the key distinguishing features of each type of financing or structure and considers the suitability of different types of financing for various stages of a project's life cycle.

Synonyms

Computational Construction Contract.

Definition

This is the definition of a basic construction contract. Please observe this is highly simplified.

Contract Structure

The JCT DB 2016 building contract, for example, is structured as follows:

Parties

  • Employer
  • Employer's Agent
  • Principal Contractor
  • Principal Designer

Payments

  • By Stage Completion
  • includes a Retentions
    • Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract.
  • May include other Deductions
  • Has to deal with Loss and Expenses

Stages

From the RIBA Plan of Work, building contraction stages are:

  • 0 - Strategic definition.
  • 1 - Preparation and brief.
  • 2 - Concept design.
  • 3 - Developed design.
  • 4 - Technical design.
  • 5 - Construction.
  • 6 - Handover and close out.
  • 7 - In use.

Processes

A number of certifications, including:

  • Interim certification
  • Practical Completion Certification
  • Final Completion Certification

Application

Description of cases and application with steps-by-step explanations. This includes Examples with scrips, computer code or mathematical model illustrating the application in the many design development platform available (listed in alphabetical order). For each platform (Dynamo, Grasshopper, Processing, etc.), one might find internal and external links.

R3 Corda

Some development in R3 Corda can be found here:

Hyperledger Fabric

Recommended Reading

Ethereum

R3 Corda

Hyperledger

https://www.hyperledger.org/resources/training

https://training.linuxfoundation.org/training/blockchain-understanding-its-uses-and-implications/?_sft_technology=hyperledger

https://training.linuxfoundation.org/training/blockchain-for-business-an-introduction-to-hyperledger-technologies/?_sft_technology=hyperledger

https://www.youtube.com/channel/UC7_X0WkMtkWzaVUKF-PRBNQ

https://www.youtube.com/watch?v=xgFthehLNJ4&list=PL0MZ85B_96CH7wvtrRzV7SvtRY0sI0DEg

https://www.youtube.com/watch?v=js3Zjxbo8TM&list=PL0MZ85B_96CH7wvtrRzV7SvtRY0sI0DEg&index=2

https://www.udemy.com/hyperledger/

https://www.udemy.com/hyperledger-fabric-composer-first-practical-blockchain/