In Tennessee, the 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 that outlines the terms and conditions between the property owner and the contractor for the construction of a building. This contract ensures that the contractor is responsible for providing all necessary materials and performing all work in accordance with the specified contract documents. The Tennessee Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required Document is typically used for a variety of building projects, including residential, commercial, industrial, and institutional construction. Depending on the scope and nature of the project, there can be different types or variations of this contract, each tailored to meet specific requirements. One common type is a Lump Sum Contract, also known as a Fixed Price Contract. It is used when the project has a well-defined scope of work and a fixed budget. In this type of contract, the contractor agrees to complete the construction for a predetermined fixed price as specified in the contract documents. Another type of contract is the Cost-Plus Contract, which is employed when the total project cost cannot be accurately determined upfront. This type of contract allows the contractor to be paid for the actual costs incurred during construction, along with an agreed-upon percentage as profit or a fixed fee on top of the actual costs. It is also important to note that the Tennessee Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents should include detailed information about the project scope, specifications, drawings, timelines, payment terms, warranties, dispute resolution mechanisms, and any other specific provisions relevant to the construction project. By ensuring that all the necessary details are clearly outlined in the contract, both the property owner and the contractor can have a mutual understanding of their respective rights and obligations, minimizing the potential for disputes and ensuring a smooth construction process. It is advisable for both parties to consult legal professionals experienced in construction law to draft or review the contract to protect their interests and ensure compliance with applicable laws and regulations in Tennessee.
Tennessee 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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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.
The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.
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.
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...
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.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
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.
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...?
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.