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Your construction contract should be as detailed as possible and should specify not just the price of the house, but also what materials are to be used. A construction contract is a legal document that outlines, in detail, the parameters of a construction project.No general contractor overseeing home construction comes cheap. Fixed-price, or lump-sum, contracts. NAHB Contracts offers a variety of residential construction contracts, exclusively for home builders and remodelers. Every construction job is different, but some steps in the process are standard. Oversees the entire construction process. The home building industry. 1. A new home construction can take anywhere from seven to 24 months to complete.