Extension of Time (EOT)
Definition
An extension of time (EOT) is a contractual entitlement to extend the completion date when the contractor is delayed by events that are the employer's fault or risk, such as late information, client-instructed variations, exceptionally adverse weather, or force majeure events. An EOT, if granted, relieves the contractor of liability for liquidated damages for the extended period.
In construction tendering, this means...
GCs must notify EOT entitlements promptly and in writing, following the contractual notice requirements precisely. Failing to submit EOT notices in time, or in the right form, can cause contractors to lose entitlements they would otherwise have. Tracking and managing EOT claims is an important part of commercial and programme management on live projects.
Takshy automates the parts of the tendering process that involve extension of time (eot), extracting scope, managing documents, and keeping your workflow organised from first document to final award.
Automate your tendering with Takshy
Understanding the terminology is step one. Takshy handles the rest, from extracting scope from project documents to sending structured RFQs and managing the returns.
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