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The article discusses five essential elements of a construction contract, emphasizing their importance in the real estate industry. A construction contract is a binding agreement between the owner and the builder, detailing the project bid. Key components include a line-item sheet outlining project costs, a comprehensive scope of work document specifying every project detail, and the standard agreement involving the owner, architect, and builder. Various types of contracts exist, such as the cost-plus contract, which influences pricing and project execution. Understanding these critical items ensures clarity and accountability in construction projects.