subcontract etymology

Etymology:

• Sub- (prefix): Below, subordinate
• Contract (root): A formal agreement

Meaning:

A subcontract is a contractual arrangement in which a party (the subcontractor) agrees to perform part or all of the work or services under a larger contract (the main contract) held by another party (the contractor).

Origin:

The term "subcontract" emerged in the late 19th century, as businesses began to rely on external contractors and subcontractors to execute complex projects.

Historical Context:

• In the early days of construction and manufacturing, projects were typically completed by a single contractor who employed a team of workers.
• However, as projects became larger and more complex, contractors began outsourcing specialized tasks to subcontractors.
• This allowed contractors to reduce their own workforce, specialize in specific areas, and access expertise not available within their organization.

Legal Basis:

Subcontracts are legally binding agreements that establish the terms and conditions of the work to be performed. They typically include:

• Scope of work
• Timeline
• Budget
• Payment terms
• Liability provisions

Types of Subcontracts:

• Fixed-price: The subcontractor agrees to complete the work for a set price.
• Cost-plus: The subcontractor is reimbursed for all costs incurred, plus a percentage or fixed fee.
• Time-and-materials: The subcontractor is paid an hourly rate for labor and materials used.

subcontract relate terms

• contract

  Etymology The word contract comes from the Latin word contractus which means drawn

• tract

  Etymology The word tract comes from the Latin tractus meaning a drawn line a stre

• subcontractor

  Etymology The word subcontractor is derived from the following Latin words Sub pre

• contractor

  Etymology The word contractor comes from the Latin verb contrahere which means to

• subcontract

  Etymology Sub prefix Below subordinate Contract root A formal agreement Meani

• hypo

  Etymology The word hypo comes from the Greek word hypo which means under or bel

• suggest

  Etymology The word etymology comes from the Greek words étymon true meaning and l

• suspect

  Etymology The word suspect is derived from the Latin word suspectus meaning distru

• subject

  Etymology The word subject derives from the Late Latin subjectus meaning placed und

• engage

  Etymology From Middle English enwagen from Old English onweagian On on upon

• undertake

  Etymology The word undertake originates from the Middle English term undertaken whic

• work

  Etymology The word work comes from the Old English word weorc which means to do t

• employ

  Etymology The word employ comes from the Old French word emploier which in turn come

• heir

  Etymology The word heir comes from the Old English word ierfe which originally meant

• farm

  Etymology The word farm originates from the Old English word feorm which referred t

• abhor

  Etymology Latin abhorrere to shrink away from in disgust or horror Proto Indo Euro

• oligarchy

  Etymology Greek oligarchia oligos few arkhos leader Meaning and Origin Ol