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Commonly Asked Questions about Construction Contractors Legal Packages

6 Essential Elements of a Contract Offer. Acceptance. Awareness. Consideration. Capacity. Legality.
Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.
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.
In 1946, the Legislature passed a bill, sponsored by State Senator Arthur Wicks, that required multiple contracting for all construction by public housing authorities in New York State. Since then, his name has been associated with all of New Yorks multiple-contracting statutes.
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.
A package deal refers to multiple trades or transactions that must all be executed together at the same time. For a package deal to work, all specifications of the trades in the package must be executed; otherwise, it does not trade.
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.
Every contract, whether simple or complex, is considered legally enforceable when it incorporates six essential elements: Offer, Acceptance, Awareness, Consideration, Capacity and Legality. It is critical that all six elements are presentjust one missing element can make a contract invalid and unenforceable.