District of Columbia Construction Contracts

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Commonly Asked Questions about District of Columbia Construction Contracts

What is the most common method for compensating the contractor?

The most common method for compensating the contractor, allowing for changes to the scope of work during the construction period, is called a Cost Plus Contract. In this type of agreement, the contractor is paid for all actual costs incurred during the construction, plus a specific agreed-upon profit percentage.

What type of payment is most commonly used with construction contracts?

Lump sum contracts This is the most basic and common type of construction contract. Lump sum contracts work especially well for projects with a well-defined scope of work, which enables contractors to make an accurate estimate of the projects cost.

How to contract with DC government?

How to Do Business with the District Attend a General Vendor Workshop. Meet all of the requirements for doing business with the District. Register to do business with the District in eSourcing to receive notice of open solicitations. Become a Certified Business Enterprise (CBE) (local businesses only).

What is the most common type of construction contract compensation?

Lump sum contracts A lump sum contract, also referred to as a fixed price contract, is probably the most general and common type of legal agreement in the construction industry.

What are the four types of construction contracts?

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.

What is the most common type of construction contract?

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.