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Contract Documents means collectively the Tender Documents, Designs, Drawings, Specification, Schedule of Quantities and Rates, Letter of Acceptance and agreed variations if any, and such other documents constituting the tender and acceptance thereof.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
Three Common Construction ContractsFIXED 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 American Institute of Architects publishes nearly 200 contracts and forms that are recognized throughout the design and construction industry as the benchmark documents for managing transactions and relationships involved in construction projects.
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...
Parties to a Construction Contract The most obvious and common is the contract between the owner (or developer) and the general contractor (or builder).
In general terms, a contractor is responsible for planning, leading, executing, supervising and inspecting a building construction project. The responsibility extends from the beginning to the end of the project, regardless of its scope.
The building contract should contain your tender, building specifications, home owners warranty, your house (building) plans, engineering plans, special conditions and the building contract itself. Without all of these documents you should not enter into your building contract.
The construction of a building involves many people: Architects; Designers; Engineers; Contractors; Sub-Contractors all working together to meet the needs of the Client. These construction professionals are brought together for a specific construction project and then disbanded once construction is complete.
The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.