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4 Different Types of Contracts Sales Agreements. ... Non-Disclosure Agreements and Intellectual Property Management. ... Professional Service Agreements ? Fixed-Price, Time and Materials, and Retainer-Based Contracts. ... Adhesion Contracts.

Two different kinds of groups of contracts are fixed price contracts and cost-reimbursement contracts. Different types of contracts, which are contained within each of these two types of groups, may be used separately or in combination with one another.

This is a variation of the designbuild arrangement, wherein the owner engages a design team to develop a project concept, overall schematic layouts, performance specifications and other preliminary design details sufficient to select a contractor or construction manager through a tender process.

The Top 5 Elements of a Construction Contract with Subcontractors You Can't Afford to Miss Clear Scope of Work. One of the most critical elements of a construction contract with subcontractors is a clear and detailed scope of work. ... Payment Terms and Schedule. ... Change Order Procedures. ... Insurance and Liability. ... Termination.

Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

Top Five Most Common Business Contracts Bill of Sale. A Bill of Sale is an agreement between two entities that states who owns a piece of personal property, what is it, when it was sold, how much it worths and who sold it. ... Employment Agreement. ... Licensing Contract. ... Nondisclosure Agreement. ... Promissory Note.

5 Key Elements Every Construction Contract Should Contain 1) 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.

A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form.A construction contract is an important document as it outlines the scope of work, risks, duties and legal rights of both the contractor and the owner.

Design and construct ("D&C") is a contractual pattern for project delivery where both the design and the construction is supplied by the Contractor.This traditional approach involves a Principal contracting with two parties (a designer and a contractor).

Three most commonly used construction contractsFixed price contract. The fixed price contract revolves around one lump sum, agreed between the project owner and the contractor.Cost plus fixed percentage contract.Time and materials contract.Final thoughts.