Michigan 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
Example. An example of General Conditions would be if the overall project duration is 12 months, personnel costs for a superintendent, project manager, and other management personnel then can be estimated.
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.
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...?4 Sept 2020
The general conditions are an integral part of the contract for construction for a large project and they are incorporated by reference into the owner/contractor agreement. They set forth the rights, responsibilities, and relationships of the owner, contractor, and architect.
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.
The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.
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.
Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts. As its name suggests, under a fixed price contract a contractor agrees to construct a project for a fixed or agreed upon price.
A contract is only legally binding if it is mutually beneficial to both parties involved. This is commonly referred to as consideration. When a party promises to do something without getting something in return, the deal will usually be unenforceable in court.
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.