Indiana Terms and Conditions of General Construction Contract
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How to fill out Terms And Conditions Of General Construction Contract?
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FAQ
A construction contract is an important document as it outlines the scope of work, risks, duties and legal rights of both the contractor and the owner.
Generally, there are three different types of construction specifications found in contracts: prescriptive specifications, performance specifications, and proprietary specifications.
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.
A letter of intent (LOI) is a document outlining the general plans of an agreement between two or more parties before a legal agreement is finalized. A letter of intent is not a contract and cannot be legally enforced; however, it signifies a serious commitment from one involved party to another.
Standard construction contracts, or construction agreements, are documents that put the obligations of both parties into writing, so the client knows what they should expect as far as work is concerned, and the construction contractor knows what to expect in terms of payment.
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).
Standard Contract Documents in ConstructionContract Drawings and Specifications.Priced Bill of Quantities.Construction Programme.Project Quality Management Plan.Project Health and Safety Plan.Conditions of Contract.Risk Insurance.12-Mar-2010
Letters of Intent, sometimes referred to as "memorandums of understanding," are frequently used in media transactions and are pre-contractual documents that set forth certain basic terms upon which parties intend to enter into binding definitive agreements.
General conditions are an integral part of the construction contract. They consist of items and resources needed for project completion that will not be part of the finished product that is turned over to the owner.
Standard Contract ElementsDOCUMENT TITLE. The title should briefly state the overall purpose of the document.UNIQUE NUMBER AND DATE OF AGREEMENT. A number used to identify that particular document.IDENTIFICATION OF THE PARTIES.RECITTALS.THE AGREEMENT.TERM OF CONTRACT.DEFAULT AND REMEDIES.COMPLIANCE WITH LAWS.More items...