Maine Terms and Conditions of General Construction Contract
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FAQ
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.
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
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...?4 Sept 2020
The standard conditions contract a general contract binding on all contractors engaged in civil work projects. The terms and conditions are commonly applicable to all contractors and are not subject to variation through contractual dealings between the parties.
General conditions costs typically include:jobsite trailer;jobsite utilities;small tool charges;superintendent salaries/costs;safety costs;site administrative costs;project accounting;field computer and BIM services;More items...?
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 work to be carried out under the contract shall, except as otherwise provided in these conditions, include all labour, materials, tools, plants, equipment and transport which may be required in preparation of and for and in the full and entire execution and completion of the works.
Contract conditions set out the principal legal relationship between the parties to a construction project, determining the allocation of risk and consequently, price.
General Conditions are commonly known as: The cost to manage the project. General Requirements are commonly known as: The non-management indirect cost of executing the project.
The General Conditions must include: - A definition of the contract documents which lists and gives a brief description of the documents that form the contract. -Document precedence, which clearly states which document will have precedence over the other in case of discrepancy, Figure 8.2.