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Commonly Asked Questions about Indiana Construction 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
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
There are five common types of construction contracts: lump sum (or fixed price), time and materials (TM), unit price, guaranteed maximum price (GMP), and cost-plus.
HICA applies to any person or entity who regularly provides real property improvement services, including labor, materials, and rental equipment to persons who reside or intend to reside in an Indiana residential property where the amount of the project exceeds one hundred and fifty dollars.
Basic types of construction The four main types of construction are: residential construction, commercial construction, industrial construction, and infrastructure construction.