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The article discusses the five essential elements of a construction contract, highlighting the importance of contracts in the real estate industry. These elements include a construction contract line-item sheet with project costs and scope of work, along with a detailed document outlining every item within the line-item sheet. The standard construction agreement is called an AIA construction contract, which is an agreement between the owner, architect, and general contractor. There are different types of AIA contracts, including the cost-plus contract for construction work.