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In this YouTube video tutorial, we explore construction contracts between clients and general contractors. These agreements can be lengthy and complex, but we will simplify them for you. There are four main types of construction contracts: fixed price, time and material, unit pricing, and cost-plus. Fixed Price: A set price is agreed upon, covering all materials and labor costs. The client may also agree to pay for any additional expenses incurred by the contractor. The contractor profits by receiving a percentage of the total costs or a fixed fee. Time and Material: The client pays the contractor for both materials and labor at a negotiated rate. The contractor makes a profit by charging the client more than what they pay their staff for these resources. Unit Pricing: If the client prefers a per square foot basis, the contract is set up accordingly. The client agrees to pay a predetermined amount per unit of measurement for materials and labor. Cost-Plus: The contractor charges the client for the actual cost of materials, labor, and any additional expenses, plus a percentage as profit. The contract may include a clause stating that the total construction costs may not exceed a certain amount. Understanding these different types of contracts will help you navigate construction agreements more effectively.