The District of Columbia Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legal agreement between the District of Columbia Government and a contractor for the construction of a building. It outlines the specific terms and conditions that govern the project, ensuring that all parties involved understand their rights and obligations. The contract requires the contractor to provide all necessary materials and perform all work as specified in the contract documents. Keywords: District of Columbia, contract for construction of building, contractor, furnish all materials, perform all work, required, enumerated contract documents. There are different types of District of Columbia Contracts for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents, depending on the nature of the project and the scope of work involved. Some common types include: 1. Lump-Sum Contract: This type of contract specifies a fixed price for the entire project. The contractor agrees to provide all materials and perform all work as required in the contract documents for a predetermined lump sum payment. 2. Cost-Plus Contract: In this type of contract, the contractor is reimbursed for all costs incurred during the project, including materials, labor, and overhead expenses. Additionally, they are usually paid a percentage of the total project cost as a fee. 3. Unit Price Contract: This contract is based on specific unit prices for different components of the project. The contractor provides a breakdown of costs per unit, and the final payment is calculated based on the quantity of units actually used. 4. Design-Build Contract: This type of contract combines the design and construction phases, where the contractor is responsible for both aspects. The contractor not only furnishes all materials and performs all work but also manages the design process to deliver a completed building. 5. Construction Management Contract: In this contract, the contractor acts as a construction manager, overseeing the project on behalf of the owner. They may subcontract the actual construction work and coordinate various contractors to ensure the project's successful completion. These different types of contracts allow for flexibility in structuring agreements between the District of Columbia Government and contractors based on their specific needs and requirements. Each contract type has its own advantages and considerations, making it essential for both parties to carefully review and negotiate the terms before entering into an agreement.
District of Columbia Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents
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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.
On the basis of validity or enforceability, we have five different types of contracts as given below.Valid Contracts.Void Contract Or Agreement.Voidable Contract.Illegal Contract.Unenforceable Contracts.
One of the essential elements for a contract to be considered valid is consideration. Consideration can be monetary or it may take the form of a promise to carry out a particular act (such as services, money, etc.). Duration of Payment: Time based payments every 30 days, 45 days, etc.
It is important to include a description of the payment process in the contract, including the timing, documents required, approval process, and the terms of final payment. This clause should contain language about how often payments are to be made on an on-going project.
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.
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
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...
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.
Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?