Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Change order can be quite a confusing term for people who have not been in the real estate industry for too long. To get a clearer idea of what it actually means here mentioned are two of the most followed definitions of the same.
I. A change order, as the name suggests is basically an agreement between both the contractor and the client stating all and any changes they might want in the construction contract.
II. A change order is issued when the client wants some changes or modifications in the existing construction contract. It helps highlight all the modifications and can further help with the execution of said changes.
There are many uses of issuing a change order, both in the favour of the client as well as the contractor. Here mentioned are some of the common known ones.
1) For client
With a change order, the client can bring in any kind of modification they want. This can help them not stop construction, but instead, add more or less in the project plan. It also substitutes as a legal document, meaning the client will have proof in case of any denial.
2) For contractor
A change order can be great for any contractor who is not following a strict schedule. If a change order is issued, they can simply ask for more financial resources, or time, which only helps their case. However, a new due date will also be mentioned in the document, which has to be abided by.
