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Construction contracts involve two parties: the principal and the contractor. In basic terms, the contractor agrees to build something while the principal agrees to pay for it. With fixed fee lump sum contracts, the contractor is paid a predetermined amount regardless of actual costs, and must complete the work within a set timeframe. The contractor estimates this fee and duration when responding to tenders, competing against other contractors. Both parties sign a contract based on these estimates. If conditions change during project delivery, it is reasonable to adjust the fixed fee and schedule through a variation, which modifies the contract value and completion date due to the new circumstances.
