- Lump-Sum Contracts.
- Cost-Plus-Fee Contracts.
- Guaranteed Maximum Price Contracts.
- Unit-Price Contracts.
What are the 4 types of contract?
- Express Contract.
- Implied Contract.
- Quasi Contract.
What are the 3 types of contracts?
Some of the most popular contracts include fixed-price contracts, cost-plus contracts, and time and materials contracts. While you can use software and other tools to help you generate professional agreements, you should still understand the basics of different types of contracts as a business owner.
What is the difference between GMP and lump sum construction?
A lump-sum contract is when the price will be for a set amount regardless of what the contractor's actual costs may be. In contrast, with a GMP contract, the owner pays the contractor's actual costs plus the profit. The project costs are capped at the price maximum.
What is the most commonly used construction contract?
Lump sum contractsLump sum contracts
Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.
What makes a construction project unique?
Abstract: A construction project is considered to be unique due to the process of delivering a customer- designed product, diverse stakeholders involved, the unique location and timeframe of construction, and specific social, economic, and environmental constraints attached to it.