The best way to resolve disputes in construction is to abide by the terms and conditions of a contract. However, some contract terms may be interpreted as ambiguous, leading to a dispute. In such cases, a neutral third party, such as a mediator, can help determine which parties are on the right track.
Similarly, a study shows that the most important part of a dispute is the ability of the parties to come to an agreement. Moreover, the process of mediation is less costly and quicker than arbitration. Hence, it is a good idea to engage in mediation before embarking on an expensive litigation endeavor.
In the context of contract administration, it is also worth noting that the best contract is not necessarily the most expensive or the most palatable. Rather, the most beneficial contract will be one that suits both parties’ needs and objectives.
While the aforementioned contract can be found in various forms, it is most likely to be found in the form of a settlement agreement. A Settlement Agreement is a document that contains all of the monetary and equitable remedies requested in a Contract Dispute. It is also a document that may be introduced during a proceeding in order to enforce the contractual terms.
This research proposes a text mining-based method to identify contract-related topics. These terms are categorized into topic models based on the document-term matrix and are then analyzed for their frequency of appearance. Text mining techniques such as word correlation and pairwise correlation are used to identify possible topics, and the resulting information can then be utilized in a variety of ways.
To the uninitiated, a contract is a written document that specifies an agreed upon amount of money to be paid to the contractor on completion of a project. One of the most important legal issues in a construction project is the delay issue. Although the exact cause and effect of a construction delay is not entirely clear, a clear understanding of the contractual terms that determine who is responsible is essential for avoiding a lawsuit.
The paper’s most significant contribution is the creation of an automated framework for identifying the most significant contract-related topics. It is also a study of the most relevant contractual terms and functions, such as the aforementioned settlement agreement.
By the same token, the study’s most important contributions are a deeper understanding of the legal processes associated with construction disputes and an enhanced capability of practitioners to resolve similar situations in the future. Using a variety of data sources, the paper presents an overview of the construction disputes that are relevant to the field. Specifically, the most pertinent aspects of the disputes are the most effective means of dispute resolution, the most relevant and most useful contract terms and conditions, and the most appropriate dispute resolution mechanisms for various scenarios.
As a result, this study provides a much needed perspective on the construction dispute management industry. In addition, the research presents a case study that advances the state of knowledge regarding the most important aspects of contract administration, such as the most efficient means of dispute resolution, the most important contract terms and conditions, and the most relevant and useful dispute-related tools.