Unlike lump sum contracts, which require a well-defined scope of work, T&M contracts are often used for projects where the scope is less certain.
Key elements of an entertainment contract Parties involved. Clearly identify all parties involved in the contract. Scope of work. Detail the specific services or performances expected. Compensation. Duration of contract. Intellectual property rights. Confidentiality. Termination clauses. Indemnity and liability.
How To Write A Construction Contract With 7 Steps Step 1: Define the Parties Involved. Step 2: Outline the Scope of Work. Step 3: Establish the Timeline. Step 4: Determine the Payment Terms. Step 5: Include Necessary Legal Clauses. Step 6: Address Change Orders and Modifications. Step 7: Sign and Execute the Contract.
Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.