Legal Forms for Construction Professionals

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Commonly Asked Questions about Legal Forms for Construction Professionals

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 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 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.

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

The American Institute of Architects () creates over 200 contract templates used throughout the construction and architectural industries. These contracts are popular because they reflect the industry consensus on terms and procedures.