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The four key types of construction include residential, commercial, industrial, and infrastructure, which covers nearly every construction project.
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.
Three Common Construction Contracts FIXED PRICE. 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. ... COST PLUS. ... GUARANTEED MAXIMUM PRICE.
Elements of a Construction Contract Name of contractor and contact information. ... Name of homeowner and contact information. ... Describe property in legal terms. ... List attachments to the contract. ... The cost. ... Failure of homeowner to obtain financing. ... Description of the work and the completion date. ... Right to stop the project.
5 Key Elements Every Construction Contract Should Contain 1) The project's scope. ... 2) The cost and payment terms. ... 3) The project's time frame. ... 4) Protection against lien law. ... 5) Dispute resolution clauses.
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People also ask

How do I create an Independent Contractor Agreement? State the location. ... Describe the type of service required. ... Provide the contractor's and client's details. ... Outline compensation details. ... State the agreement's terms. ... Include any additional clauses. ... State the signing details.
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.
In general, contracts are classified along four different dimensions: explicitness, mutuality, enforceability, and degree of completion. Explicitness is the degree to which the agreement is manifest to those not party to it. Mutuality takes into account whether promises are given by two parties or only one.
4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.
4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

residential construction construction contract sample