Easily Replace Selected Option into the Construction Contract

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How to Replace Selected Option into the Construction Contract

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welcome to the sunray construction solutions and the lean zone online webinars Im Ariela Wagner the founders son reconstruction solutions and today we are going to have a phenomenal webinar conducted by Ill express that on what are the top nine changes I can make to my contract to better protect my company so without further ado Id like to introduce Alex Perth that good morning everybody as Ariel said my name is Alex Barnett and today were going to talk about the top 9 changes to make to your contract to better protect your company and originally this webinar was designed as a top 5 changes but as I was putting the materials together I just couldnt keep it to 5 so we have 9 so lets go through them so number one write it down to avoid just signing the other persons contract number 3 clearly define your scope of work number 4 lists all the exclusions number 5 understand the change order process number 6 verify the schedule number 7 understand the payment terms number 8 refine the

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What are the 5 elements of a construction contract?

5 Key Elements Every Construction Contract Should Contain 1) The projects scope. 2) The cost and payment terms. 3) The projects time frame. 4) Protection against lien law. 5) Dispute resolution clauses.

What are the options on construction contracts?

The five main types of construction contracts are lump sum, time and materials, cost-plus, unit price, and guaranteed maximum price (GMP). Because there are so many different types of construction projects, each type of construction contract exists to satisfy the varying needs of all parties involved.

What are the two types of change orders on a project?

Because of these changes to budget and schedule, change orders are not acted upon until both the owner of the project and the contractor responsible for the change agree on terms and conditions. There are two types of change orders: additive and deductive.

What is a change order for construction contracts?

What is a Change Order? A change order, or variation order, is an agreement between a contractor or subcontractor and a consumer that makes modifications to an existing construction contract. These changes can consist of addition, omission, or substitution for the work, schedule, price, or other aspect of the contract.

What is an example of a change order in construction?

Classic examples of change orders include the owners desire to move the location of a wall to accommodate some other design element, adding a window where there was none in the original plans, or changing the finish of the floors from tile to terrazzo.

What are the 4 types of contracts?

4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

What are the 3 types of contracts in construction?

Three most commonly used construction contracts Fixed price contract. The fixed price contract revolves around one lump sum, agreed between the project owner and the contractor. Cost plus fixed percentage contract. Time and materials contract. Final thoughts.

What are procurement options in construction?

The two most common procurement methods are traditional and design and build. Traditional. The traditional procurement route keeps the design and construction elements of the project separate.

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