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The article outlines five essential elements of a construction contract, emphasizing its importance in the real estate industry. A construction contract serves as a binding agreement between the contractor and the owner, linked to the specific project being bid on. Key components include a line-item sheet detailing project costs, a scope of work document outlining each item in the line-item sheet, and the standard agreement structure involving the owner, architect, and builder (general contractor). Additionally, it mentions various contract types, such as cost-plus contracts. Understanding these elements is crucial for successful construction project management.