A Contract for Building — Construction or Repair is a legally binding agreement between two or more parties, typically the owner and the contractor, for the purpose of constructing, repairing, or remodeling a building structure. The contract outlines the specific details of the project, such as the scope of work, timeline, payment terms, materials, and liabilities. Different types of contracts for Building- Construction or Repair include fixed-price contracts, lump sum contracts, cost-plus contracts, and time and materials contracts. Fixed-price contracts involve a single, predetermined fee for the project, while lump sum contracts involve multiple payments throughout the duration of the project. Cost-plus contracts involve payment based on the actual costs of the materials and labor used. Finally, time and materials contracts involve payment based on the actual time and materials used for the project.
Contract for Building - Construction or Repair
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