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If youve ever had construction or maintenance work carried out in your home, then you already know the different ways you can pay someone. For instance, you can pay someone an hourly or day rate, you could agree a fixed price, or you can pay a unit rate (for instance, you pay for each door to be installed, or each fence panel to be replaced). And if you work in construction, you know the same applies, and that the contract determines the method of payment. In this video, were going to compare the four most popular construction contracts, discuss when they should be used and understand why. Before we start, wed be really grateful if you could give this video a thumbs up. Okay lets begin, well start with perhaps the most common contract type, lump sum otherwise known as fixed price, or fixed sum, or fixed lump okay that last one was a lie, there are lots of different terms people use. However, the general concept remains the same. A price is agreed at the start of the project and
