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Commonly Asked Questions about Specific Construction Contracts

Jackson Row. March 13, 2024. Standard forms of construction contracts are foundational documents in the construction industry, delineating the responsibilities, obligations, and rights of all parties involved in a construction project.
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.
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
Which contracts or agreements are required to be in writing? The sale of land, or a home, or an interest in land. Goods or services being sold for more than $500.00 (this amount may vary from state to state). Contracts that may last more than one year. Agreements to take on another person or businesss debt.
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.
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.