Oklahoma Contract for Construction of Apartment Building with Financing by Contractor
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How to fill out Contract For Construction Of Apartment Building With Financing By Contractor?
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FAQ
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.
Contract Amount means the total monies payable to the Contractor under the Contract Documents. The term "Contract Price" where used in the Contract Documents refers to the Contract Amount.
A lump or stipulated sum is simply a single amount of money for completing the entire scope of work outlined in a construction contract. This sum includes the cost of work, any general condition costs, and the contractor's fee. Payment is tied directly to the percentage of work completed.
A Contract? An estimate is a non-legally binding document. It is an approximation of costs for a project, drawn up by a business to send to a client. It is not a promise.
Total contract value FAQs To calculate TCV, multiply the monthly recurring revenue (MRR) with the length of the contract terms, then add any other one-time fees included in the contract. Total Contract Value = Monthly Recurring Revenue (MRR) x Contract Term Length + Any One-time Fees.
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...
A construction contract is an agreement between two or more parties to perform construction on a project according to certain terms and conditions. These contracts are comprised of general and special conditions.
Contract price, defined as the price of a contract which is paid to a contractor upon completion, is used any time a contract exists.
A legal contract is simply an accepted offer. It means you promise to do the work specified, and the client promises to pay you the agreed-upon sum. While an estimate is just information, and a proposal can be changed or withdrawn at any time, a contract is binding.
In construction, an estimate, bid, quote, and proposal can take on different meanings depending on who is using the term. Some construction professionals use the words estimate and quote interchangeably, while a bid or proposal may turn into a contract if a customer signs it.
