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Commonly Asked Questions about Building Materials Contracts

Five main principles of Contract Law: Offer and acceptance, consideration, intention to create legal relations, capacity, and legality.
A contract is a legal agreement between two or more parties in which they agree to each others rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
6 Essential Elements of a Contract Offer. Acceptance. Awareness. Consideration. Capacity. Legality.
4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.
Contract Types Comparison Party 1 offers Bilateral Services or goods that are of value to the other party Unilateral Services or goods that the other party requested, usually in an open request Implied Services or goods Express Anything9 more rows Jan 26, 2022
Your attorney has a solid understanding of the four major elements that make up a construction contract, and can counsel you during the drafting of your contract. Scope Of Work. Change Order Provisions. Indemnification. Payment Provisions.
To that end, before you sign anything and start working, make sure your contract has these 5 key elements. A Detailed Scope of Work. Project Cost and Payment Schedule. Construction Timeline. Change Order Process. Project Issues and Dispute Resolution.
Here are what the Smith + Malek team has seen as the most common errors in construction contracts: Its not written down. Both parties havent signed the contract. Not all of the terms of the agreement are in writing and in the contract. The timeline is unclear. Particular terms arent defined.