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How does a lump sum contract work?

A lump sum contract, also known as a stipulated sum contract, is a construction agreement in which the contractor agrees to complete the project for a predetermined, set price. Under a lump sum agreement, the contractor submits a total project price instead of bidding on each individual item.

What are the advantages of a lump sum contract?

The owner can expect the project to be completed within budget and often more quickly so that the contractor can maximize resources and save on labor costs. Lump sum contracts also render little financial risk for owners as the contractor is responsible for any cost overruns.

Who would take the risk for lump sum contracts?

According to Associated General Contractors of America (AGC), In a lump sum contract, the owner has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of unforeseen contingencies.

What is the difference between fixed price and lump sum contract?

Is there a difference between fixed price and lump sum contracts? No, fixed price contracts and lump sum contracts are interchangeable terms for contracts that provide clients with one price to pay for goods and services. Both terms are widely acceptable and used in the residential construction industry.

When would you use a lump sum contract?

Many professionals use this type of contract when: Project owners can clearly define the project. Project owners and contractors often use lump sum contracts when a project has a defined scope and objective to help estimate timelines , material costs and labor costs more accurately. The project is straightforward.

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What is a fixed fee contract?

A cost-plus-fixed-fee contract is a cost-reimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract.

Who would take the risk for lump sum contracts?

In a lump sum contract, the owner has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of unforeseen contingencies.

What is the difference between lump sum and fixed fee?

Is there a difference between fixed price and lump sum contracts? No, fixed price contracts and lump sum contracts are interchangeable terms for contracts that provide clients with one price to pay for goods and services. Both terms are widely acceptable and used in the residential construction industry.

What is a lump sum fee?

Key Takeaways. A lump-sum payment is an amount paid all at once, as opposed to an amount that is divvied up and paid in installments.

Is a lump sum contract flexible?

Lump sum construction contracts provide limited flexibility, and any changes to design elements or deviation from the original plans require a change order paid by the owner.

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