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Commonly Asked Questions about Kansas Construction Contracts

7 key elements of a construction contract Money. Making payments. Builder information. Materials. Timeframes. Penalties. Dispute resolution.
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.
These five essential elements of a construction contract can result in major vulnerabilities if overlooked: Full Name, Address, and Signatures of Both Parties. Scope of Work. Project Cost and Payment Terms. Schedule of Work. Authority.
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.
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.
Contracts are made up of three basic parts an offer, an acceptance and consideration. The offer and acceptance are what the purpose of the agreement is between the parties. A public relations firm offers to provide its services to a potential client.
(d) All contracts for private construction shall provide that payment of amounts due a contractor from an owner, except retainage, shall be made within 30 days after the owner receives a timely, properly completed, undisputed request for payment.
To be valid, a contract must generally contain all of the following elements: Offer. Acceptance. Consideration. Legality.