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What is included in the contract documents?

Contract Documents means collectively the Tender Documents, Designs, Drawings, Specification, Schedule of Quantities and Rates, Letter of Acceptance and agreed variations if any, and such other documents constituting the tender and acceptance thereof.

What is the legal definition of construction contract?

A construction contract is an agreement between a client that wants construction done and a general contractor. This type of contract details the contractor's scope of work, including their right to subcontract any of the work, how and what they will charge for the work, and any applicable plans or work orders.

What are the four basic types of construction contracts?

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

What is construction contract PDF?

Construction contracts are multi-faceted legal documents binding different project parties; Owners, Designers, Construction Managers, and Contractors for the purpose of accomplishing a project or a program.

What are the two major components of the contract documents?

The two major components that make up the contract documents are the drawings and the project manual.

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What is the most common construction contract?

Fixed price construction contracts, also commonly referred to as \u201clump sum\u201d or \u201cstipulated sum\u201d contracts, are the most common types of construction contracts. As its name suggests, under a fixed price contract a contractor agrees to construct a project for a \u201cfixed\u201d or agreed upon price.

What are the five components of a contract?

The Elements of a Valid Contract Offer and Acceptance. An offer occurs when one party presents something of value that they wish to exchange for something else of value. ... Consideration. ... Mutuality or Intention. ... Legality. ... Capacity. ... Creating Your Next Contract.

What are the four basic types of construction contracts?

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

How do you write a construction contract?

What Should Be in a Construction Contract? Identifying/Contact Information. ... Title and Description of the Project. ... Projected Timeline and Completion Date. ... Cost Estimate and Payment Schedule. ... Stop-Work Clause and Stop-Payment Clause. ... Act of God Clause. ... Change Order Agreement. ... Warranty.

What are the contract documents?

Contract Documents means collectively the Tender Documents, Designs, Drawings, Specification, Schedule of Quantities and Rates, Letter of Acceptance and agreed variations if any, and such other documents constituting the tender and acceptance thereof.

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