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The article outlines five essential elements of a construction contract, highlighting their importance in the real estate industry. A construction contract serves as a binding agreement between the contractor and the owner, detailing the project's scope and costs. Key items in every construction contract include a line-item sheet that specifies project costs, a comprehensive document outlining the scope of work, and adherence to standard agreements such as AIA construction contracts. These contracts, which involve the owner, architect, and builder, can vary by type, such as cost-plus contracts. Understanding these elements is vital for successful construction project management.