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This legal contract usually includes information regarding the scope of the work, payment, and deadlines. The agreement might also provide guidance regarding any confidentiality requirements, insurance, and indemnification. Independent contractor agreements go by many names, including: Independent Contractor Contracts.
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.
Write explicitly what one party is promising to deliver and what the other agrees to pay or do in exchange. If services are part of the deal, state what services will be performed. Specify who will perform the services, for whom, where, when, for how long and for what consideration.
Hear this out loud PauseAmong the types of construction contracts mentioned above, the unit price, lump sum, fixed price, time and materials, and cost-plus contracts fall under the category of commercial contracts. An agreement between contractors and business owners is referred to as a commercial construction contract.
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.