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A construction management contract is a legally binding agreement between the project owner (referred to as principal) and the commercial building contractors where the manager is charged with the responsibility of engaging with the sub-contractors and supervising the construction while providing the owner with a
Elements of a Construction ContractName of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.More items...
What Should Be in a Construction Contract?Identifying/Contact Information.Title and Description of the Project.Projected Timeline and Completion Date.Cost Estimate and Payment Schedule.Stop-Work Clause and Stop-Payment Clause.Act of God Clause.Change Order Agreement.Warranty.More items...
Construction Contract Documents are the written documents that define the roles, responsibilities, and Work under the construction Contract, and are legally-binding on the parties (Owner and Contractor).
The 4 Different Types of Construction ContractsLump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.