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Turnkey Contract or Lump Sum Contract In Turnkey or Lump Sum Contract the complete responsibility of Engineering, Liasoning, Procurement and Construction is given to a contractor. Generally homeowners prefer to give construction projects to Turnkey contracts only.

Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.

Top 10 Common Mistakes that We See in Construction Contracts It's not written down. ... Both parties haven't signed the contract. ... Not all of the terms of the agreement are in writing and in the contract. ... The timeline is unclear. ... Particular terms aren't defined. ... There's no written approval of any changes to the contract.

Elements of a construction contract Name of contractor and contact information. ... Name of homeowner and contact information. ... Describe property in legal terms. ... List attachments to the contract. ... The cost. ... Failure of homeowner to obtain financing. ... Description of the work and the completion date. ... Right to stop the project.

Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Lump-Sum contracts are the most frequently-used contract, particularly for building construction. ... Cost-Plus-Fee Contracts. ... Guaranteed Maximum Price Contracts. ... Unit-Price Contracts.

Here are five of the most important terms that should be a part of every construction contract. Scope of Work. Clients need to be clear about what a company is going to do for them. ... Payment Obligations. ... Insurance Information. ... Parties to the Agreement and Notice. ... Authority to Make Decisions.

Bidding on projects is the best way to get construction contracts that are significant for your business. Particularly with government projects, once you jump through the hoops and win your first tendered contract, it opens plenty more doors for future opportunities.

The 4 Different Types of Construction Contracts Lump 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.