Types Of Construction Contracts In Canada
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FAQ
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.
Three Common Construction Contracts FIXED PRICE. Fixed price construction contracts, also commonly referred to as ?lump sum? or ?stipulated sum? contracts, are the most common types of construction contracts. ... COST PLUS. ... GUARANTEED MAXIMUM PRICE.
The 10 Types of Construction Documents for Construction Projects: 1: Construction Agreement. ... 2: General Conditions. ... 3: Special Conditions. ... 4: Scope of Work (SOW) ... 5: Drawings. ... 7: Bill of Quantities. ... 9: Schedule of Values. ... 10: Cost Estimate.
Here are five of the most important terms that should be a part of every construction contract. Scope of Work. Clients need to be clear about what a company is going to do for them. ... Payment Obligations. ... Insurance Information. ... Parties to the Agreement and Notice. ... Authority to Make Decisions.
The Canadian Construction Document Committee (CCDC) Contract Forms are widely used for the construction aspects of projects. The Fixed Price Contract (CCDC 2) is the most common standard form contract used for most projects in British Columbia and Ontario.