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Real Estate Jargons on your Fingertips: Fitouts / Flatted Factory / Force Majeure

When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.

But we give you a solution!!

Read this space every Tuesday & Wednesday for Real Estate Jargons.

Fitouts

  • Relate to the interior permanent furnishings required in a property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone/computer cabling among others, in order to make the property fit for usage.

Flatted Factory

  • An industrial building of more than one storey, usually with two or more goods lifts, and constructed or converted for multiple occupation.
  • The building is subdivided into small, separately occupied units which are used for manufacturing, assembly and associated storage.

Force Majeure

  • A force, which cannot be resisted, in other words, something beyond the control of the parties involved.
  • It includes acts of God and acts of man, e.g. Riots, strikes, arson, etc.
  • In many contracts and insurance policies, specific provision is made for damage or injury arising from force majeure.
  • For example, the financial liability of a building contractor for failure to complete by a specific date may be relieved to the extent it was caused by force majeure.
  • This is a common clause in most property contracts.

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