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The main characteristic of a lump sum contract is that the contractor generally isn't required to provide a detailed breakdown of costs and expenses. Instead, they are paid for completing the overall terms of the contract.

Under a lump sum contract, also known as a stipulated sum contract, the project owner provides explicit specifications for the work, and the contractor provides a fixed price for the project.

Advantages for contractors Under a lump sum agreement, project owners must provide contractors with finalized plans and thorough documentation, resulting in specific, linear project tasks. Lump sum contracts also require less paperwork, management and accounting, decreasing administrative costs.

A lump sum contract, also known as a stipulated sum contract, is a construction agreement in which the contractor agrees to complete the project for a predetermined, set price. Under a lump sum agreement, the contractor submits a total project price instead of bidding on each individual item.

Disadvantages of a Lump Sum Construction ContractA lump sum agreement presents a higher risk to a contractor. Measuring the number of changes is difficult. Such contracts require paperwork and records of change orders from each phase, and this means further documentation is needed.

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The contract states one lump-sum price for all the work and the contractor agrees to finish the project under the set cost that's listed in the contract. Instructions for fields that are typically required to complete contract.PURSUANT TO M.G.L. c. The Contract Documents form the entire agreement between Department and. Adjustment at contract award.

Lump Agreement Form

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