Page 128 - BASIC PRINCIPLES OF QUANTITY SURVEYING PROFESSIONAL PRACTICES

Politeknik Kota Bharu

5) Social Security Organization (SOCSO) – Employee Social
Security Act 1969

All local workers employed in the construction must be

registered by the contractor. All Malaysian citizens and
permanent residents must be considered local workers.

SOCSO's main goal is to provide social security

protection to private-sector workers in the form of cash
and benefits in the event of working injuries,

emergencies, occupational disease, or death.

Workmen's compensation insurance is required of
foreign workers.

6.2.4 Contract Price and Construction Period

6.2.4.1 Contract Price

• Pursuant to Section 2 (d) of the Contracts Act 1950, a
consideration is something that has legal worth and serves as

the basis for a valid agreement.

• The term "consideration" refers to the client's pledge to pay the

contractor a sum of money in consideration of the contractor's

construction and completion of the works, including making
good any defects, as agreed, and mentioned in the letter of

acceptance.

• The contract price become payable to contractor under the

contract and at the time and in the manner specified in the
contract.

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