Legal Forms for Construction Contracts

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Commonly Asked Questions about Legal Forms for Construction Contracts

Contents What is included in construction contract documents?

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 are contract documents in construction?

Construction Contract Documents are the written documents that define the roles, responsibilities, and Work under the construction Contract, and are legally-binding on the parties (Owner and Contractor).

What are the three basic types of documents used in construction contracts?

What is the most commonly used construction contract? Lump sum contracts (also sometimes known as fixed price contracts) are usually considered the most popular type of contract when it comes to building and engineering agreements, however they do have minor differences.

What are the 3 elements of a construction contract?

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.

Which documents are the most important for the construction process and why?

These are some of the most common and important construction documents for building projects of all kinds. 1: Construction Agreement. 2: General Conditions. 3: Special Conditions. 4: Scope of Work (SOW) 5: Drawings. 7: Bill of Quantities. 9: Schedule of Values. 10: Cost Estimate.

What are the four types of construction contracts?

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.

What are the three main contract types used in construction?

3 Types of Construction Contracts: Their Pros and Cons for Owners and Contractors Fixed Price. The most common type of contract is the fixed price contract, also known as the lump sum or stipulated sum contract. Cost-Plus Fee. Unit Price.