Types Of Construction Contracts In South Africa
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FAQ
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.
The GCC, FIDIC, JBCC and NEC form part of standardized contracts used in South Africa. These contracts prescribe their own procedures and processes on contractors and employers alike.
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.