Types Of Construction Contracts In India
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How to fill out Construction Contract For Home - Fixed Fee Or Cost Plus?
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Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
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.
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.
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.
There are five common types of construction contracts: lump sum (or fixed price), time and materials (T&M), unit price, guaranteed maximum price (GMP), and cost-plus.