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The article titled "Five Essential Elements of a Construction Contract" highlights critical components of construction contracts in the real estate industry. It emphasizes that a construction contract is a binding agreement between the owner and the contractor, tied to the specific project being bid on. Key elements that should be included are: a detailed line-item sheet specifying project costs, a scope of work document outlining all items in the line-item sheet, and adherence to a standard construction agreement, often referred to as an AIA construction contract. This type of contract typically involves the owner, architect, and general contractor, and there are various AIA contract types, including cost-plus contracts.