This is one of the official Workers' Compensation forms for the state of New Hampshire.
Agreement With Lump Sum
Category:
State:
New Hampshire
Control #:
NH-15A-WC
Format:
Word;
PDF;
Rich Text
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FAQ
Under a lump sum contract, a single 'lump sum' price for all the works is agreed before the works begin. It is defined in the CIOB Code of Estimating Practice as, 'a fixed price contract where contractors undertake to be responsible for executing the complete contract work for a stated total sum of money.
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.
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.
sum payment is an often large sum that is paid in one single payment instead of broken up into installments. It is also known as "bullet repayment" when dealing with a loan.
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Lump Sum Construction Contract. Insert Name of Project Here.The Owner's myth: When I hire a contractor to build a project under a lump sum contract, the contractor should complete. Agreement Type (Choose one). The contract states one lump-sum price for all the work and the contractor agrees to finish the project under the set cost that's listed in the contract.