GUAM CONTRACT FOR CONSTRUCTION OF APARTMENT BUILDING WITH FINANCING BY CONTRACTOR Description: A Guam Contract for Construction of an Apartment Building with Financing by Contractor is a legally binding agreement between a property owner and a contractor for the construction of an apartment building. This contract outlines the terms and conditions for the construction project, including the financing arrangement provided by the contractor. Keywords: Guam Contract, Construction, Apartment Building, Financing, Contractor Types of Guam Contracts for Construction of Apartment Building with Financing by Contractor: 1. Lump Sum Contract: In this type of contract, the contractor agrees to complete the construction project for a fixed price. The financing for the project is provided by the contractor, including the necessary funds for materials, labor, and other project expenses. 2. Cost Plus Contract: Under a cost plus contract, the contractor is reimbursed for the actual costs accrued during the construction, along with an agreed-upon profit margin. The funding for the project is provided by the contractor, who covers the expenses upfront and is later compensated for the incurred costs. 3. Design-Build Contract: A design-build contract involves a single entity that takes responsibility for both the design and construction aspects of the apartment building. In this type of contract, the contractor may provide financing for the construction project, along with the design and construction services. 4. Turnkey Contract: A turnkey contract is a comprehensive agreement wherein the contractor assumes responsibility for the entire construction project, from design to completion. The contractor may offer financing options for the apartment building project, eliminating the need for the property owner to seek external funding. 5. Build-Operate-Transfer (BOT) Contract: BOT contracts are commonly used for large-scale construction projects where a contractor is responsible for financing, constructing, and operating the apartment building for a specified period. After the agreed-upon duration, ownership is transferred back to the property owner. In conclusion, a Guam Contract for Construction of an Apartment Building with Financing by Contractor is a contract that outlines the terms and conditions for the construction of an apartment building. The contractor provides the necessary financing for the project, and different types of contracts exist, such as lump sum, cost plus, design-build, turnkey, and build-operate-transfer contracts, each offering various benefits and arrangements for both the contractor and property owner.
Guam Contract for Construction of Apartment Building with Financing by Contractor
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What should be included in a Contractor Agreement?Statement of Relationship.Project Description.Payment and Billing Terms.Responsibilities of Each Party.Project Timeline and Deadlines.Termination Conditions.Nondisclosure Terms, and Confidentiality and Non-Compete Clauses.
Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts. As its name suggests, under a fixed price contract a contractor agrees to construct a project for a fixed or agreed upon price.
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.
Types of contractsWritten contracts.Verbal contracts.Part verbal, part written contracts.Standard form contracts.Period contracts.Getting contract advice.
The 4 Different Types of Construction ContractsLump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.
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.
What are the most commonly used standard forms?JCT contracts.NEC contracts.Infrastructure Conditions of Contract.MF/1.IChemE Model Form Conditions of Contract.FIDIC.PPC2000.
Learn below about the four most common types of construction contracts.Lump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.