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What are the types of contracts?

Types of contracts Fixed-price contract. ... Cost-reimbursement contract. ... Cost-plus contract. ... Time and materials contract. ... Unit price contract. ... Bilateral contract. ... Unilateral contract. ... Implied contract.

What is the purpose of ?

The American Institute of Architects () works to advance our nations quality of life and protect the publics health, safety and welfare, as it has done for 160 years. Each day members across the country and throughout the world create the places where people live and learn, work, and play.

What are the two main types of contracts?

Contract type is a term used to signify differences in contract structure or form, including compensation arrangements and amount of risk (either to the government or to the contractor). Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement.

What are the three most commonly used types of construction contracts?

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.

What are the 4 types of construction?

The four key types of construction include residential, commercial, industrial, and infrastructure, which covers nearly every construction project.

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