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Other contract types include incentive contracts, time-and-materials, labor-hour contracts, indefinite-delivery contracts, and letter contracts.
The basic elements that should be addressed in an agreement between an owner and architect include (1) the owner's objectives for the project, (2) the architect's scope of services and a description of the drawings or other deliverables the architect is to furnish; (3) the fees to be paid for providing those services ...
What are the types of Construction Contracts? Lump Sum Contract. Cost Plus. Contract. Small Jobs. Contract. Large Jobs 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.
Generally you'll come across one of three types of contract on a project: fixed price, cost-reimbursable (also called costs-plus) or time and materials.

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The Royal Institute of British Architects is a global professional membership body driving excellence in architecture. We serve our members and society in order to deliver better buildings and places, stronger communities and a sustainable environment.
NEC vs JCT contracts As many will be aware, the JCT contract focuses on liabilities and risk in the manner of a traditional contract, whereas NEC requires and enables a more proactive and collaborative approach to managing the 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.
Three most commonly used construction contracts Fixed price contract. The fixed price contract revolves around one lump sum, agreed between the project owner and the contractor. ... Cost plus fixed percentage contract. ... Time and materials contract. ... Final thoughts.
The RIBA Plan of Work was initiated in 1963 to provide a framework for architects to use on projects with their clients, bringing greater clarity to the different stages of a project. It has evolved over the years to reflect changing trends in project approaches and has become an industry-wide tool.

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