Lump Agreement Form
Description
How to fill out New Hampshire Lump Sum Settlement Agreement?
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FAQ
Disadvantages of a Lump Sum Construction ContractA lump sum agreement presents a higher risk to a contractor. Measuring the number of changes is difficult. Such contracts require paperwork and records of change orders from each phase, and this means further documentation is needed.
A lump sum contract, also known as a stipulated sum contract, is a construction agreement in which the contractor agrees to complete the project for a predetermined, set price. Under a lump sum agreement, the contractor submits a total project price instead of bidding on each individual item.
Advantages for contractors Under a lump sum agreement, project owners must provide contractors with finalized plans and thorough documentation, resulting in specific, linear project tasks. Lump sum contracts also require less paperwork, management and accounting, decreasing administrative costs.
Under a lump sum contract, also known as a stipulated sum contract, the project owner provides explicit specifications for the work, and the contractor provides a fixed price for the project.
The main characteristic of a lump sum contract is that the contractor generally isn't required to provide a detailed breakdown of costs and expenses. Instead, they are paid for completing the overall terms of the contract.
