Construction contract Essay Example | Topics and Well Written Essays - 750 words - 1

Construction contract - Essay Example This allows individuals to possess the goods on site in case the employer becomes bankrupt. This also denies the insolvent employer or appointed practitioner ownership of goods until when all the payments are completed (Philip 149). The contractor should prepare an account and submit to the employee in duration of not more than two months. The employee is then required to make the payments within twenty-eight days from the date he/ she receives the statement. The contractor should also submit the same to the bank in case there was a contractual link between the employee and the bank. This allows the bank to pay the contractor on behalf of the employer. On the other hand, a contractor has the right to sue the insolvent employer for the amount due to him after the twenty-eight days. The payment claimed may include the cost of equipments and materials the contractor bought or any expense incurred when removing the materials from the site. The contractor may also seek compensation on any damage caused to him or loss of profit (Philip 108). The way an employer is entitled to dissolve a contract if the contractor becomes insolvent; similarly, the contractor who finds out that the employer has become bankrupt may have the right to terminate the contract. However, the contractor is required to first notifying the employer or the employer’s representative. The contractors’ continuation with the contract is termed null and void from the moment an employer declared bankrupt. The employer will therefore not liable be for the expenses incurred at this point. In other words, the contract has to be outline even if the service provider dissolves the contract or not. This will help put off contractors responsibilities under the contract to carry out and finish the assignment. The contractor has an obligation to inform the sub contractor in a situation where he decides to terminate the contract. This could do this in writing indicating the

Student loan vs bank loan Research Paper Example | Topics and Well Written Essays - 1000 words

Student loan vs bank loan - Research Paper Example Flexibility of bank loans and federal loans - Federal loans are more flexible, starting from application to repayment process. Elements of loan forgiveness and guarantee in both loans - Federal loans are entitled to loan forgiveness and are guaranteed in case of death or disability. Bank loans are not. Interest rates – Federal loans have lower and fixed interest rates, while bank loans have higher and unstable interest rates. Counter-argument based on efficiency and student satisfaction – bank loans cater for all student needs as the loan amount is not fixed. The application procedure of bank loan is not cumbersome. 3. Conclusion Importance of both the federal student loans and bank loans in higher education Future of the education aid in United States, in form of bank loans and federal student loans Name Course Instructor Date Student Loan Vs. Bank loans In most developed and developing countries of the world, students are considered for loans to facilitate their highe r education. These are in the form of government student loans or the private loans, including bank loans. This is one of the ways in educational policies to ensure higher education for all in a country. In the United States, student loans are provided under the federal student loans. ... Forest observes that the state government plays the greatest role in financial aid for education of students in higher institutions of learning (259). However, he does not ignore the contribution of the private sector, especially banks, in offering students loans for their higher education. Nevertheless, Forest insists that the US federal government plays the most important role in financing students’ higher education as compared to the private sector, including banks. For instance, between 1998 and 1999, the federal government was responsible for 70 percent of financial aid to college and university students in the form of student loans. This was a total of $46 billion, inclusive of student loans and grants (Forest 260). This therefore points to the great influence of federal student loans in higher education, with bank loans having a lesser influence. According to Forest, what makes federal student loans to be more preferable is their limited requirements and conditions for one to qualify for. In the US, the federal student loans are easy to qualify for, and have fewer restrictions. On the other hand, bank loans are hard to qualify for and highly restrictive. For one to qualify for a bank account, they have to show a reliable credit history, and possess sufficient income as shown by one’s bank account balance. However, most students in the world are still young, with no reliable income or bank account balances, which can serve as collateral for the bank loans. This therefore makes student loans a good option for students, as they do not require any collateral as a qualification condition (Forest 263). â€Å"Kiplinger’s Personal Finance† records that the flexibility of federal student loans