As 7 construction contracts

AS 1282 views 2 replies

what is the scope of "assets " in AS 7. will it include movable and immovable assets (both)? is this standard applicable for construction of things like computer, furnitures etc??

 

anticipating quick reply by our experts

 

arvind

Replies (2)

It includes both movable and immovable assets becasue,

According to AS-7:-

 

A construction contract is a contract specifically negotiated for the

construction of an asset or a combination of assets that are closely

interrelated or interdependent in terms of their design, technology and

function or their ultimate purpose or use.

but my specific query is whether for short terms contract( e.g a contracts for a period of less than 1 year) As 7 is applicable? whether AS 7 would cover a contract for construction of articles like furnitures, computer software, etc.


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