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essential aspect of any construction project as they set clear expectations for both the builder and the owner, ensuring everyone is on the same page from the beginning. Lump sum contracts are just one of the many types of building contracts available, each tailored to the specific needs of the project. Understanding the differences between these contracts is crucial to make informed decisions about which one to use for your project. In this tutorial, we will explore the four main types of construction contracts, starting with lump sum contracts, which use a fixed price for the entire project.
