Guam Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legal agreement that outlines the terms and conditions between the owner of a building project in Guam and a contractor hired to provide all necessary materials and complete all construction work as specified in the contract documents. This type of contract is commonly used in construction projects to establish a clear understanding between the parties involved. It serves as a legally binding agreement that protects the interests of both the owner and the contractor, ensuring that the project is carried out according to the specified requirements. The Guam Contract for Construction of Building typically includes key provisions, such as: 1. Scope of Work: This section precisely defines the nature and extent of the work required to complete the project. It specifies the materials, equipment, labor, and any other resources needed for the construction. 2. Contract Documents: The contract incorporates all essential documents that are integral to the project, such as architectural plans, engineering drawings, technical specifications, and project schedules. Each document is explicitly referenced to avoid any confusion. 3. Contract Price: The agreed-upon compensation for the contractor's services is stated in this section. It includes the total contract amount, payment terms, and any provisions for additional costs or change orders. 4. Project Schedule: This part outlines the timeline for the entire project, including start and completion dates for each phase of construction. It may also specify milestones and deadlines to ensure timely completion. 5. Quality Standards and Inspections: The contract typically includes provisions related to the quality of materials used and workmanship. It may outline any required testing, inspections, or certifications to ensure compliance with industry standards and regulations. 6. Insurance and Liability: This section addresses insurance requirements and liability allocation between the owner and the contractor. It defines who is responsible for providing various types of insurance coverage, such as worker's compensation, general liability, and property insurance. 7. Dispute Resolution: The contract may outline procedures for resolving disputes that may arise during the project. This can include negotiations, mediation, or arbitration processes, helping to minimize potential conflicts. Types of Guam Contracts for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents may vary based on specific project requirements or the unique preferences of the parties involved. However, the above provisions are commonly found in most contracts of this nature to ensure clarity, protection, and successful completion of construction projects in Guam.
Guam Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents
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The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.
Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?
On the basis of validity or enforceability, we have five different types of contracts as given below.Valid Contracts.Void Contract Or Agreement.Voidable Contract.Illegal Contract.Unenforceable Contracts.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors.
The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.
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.More items...
Three Common Construction ContractsFIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts.COST PLUS.GUARANTEED MAXIMUM PRICE.
Three Common Construction ContractsFIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts.COST PLUS.GUARANTEED MAXIMUM PRICE.01-Oct-2015