What are the 3 types of contracts?

So let's look at those three contract types in a bit more detail. Fixed price contracts. With a fixed price contract the buyer (that's you) doesn't take on much risk.Cost-reimbursable contracts. With a cost-reimbursable contract you pay the vendor for the actual cost of the work.Time and materials contracts.

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Basic Building and Construction Contract between Owner and Contractor

Kings New York Basic Building and Construction Contract between Owner and Contractor

Name: Kings New York Basic Building and Construction Contract between Owner and Contractor
Brand: US Legal Forms
Rating: 4.61 (269 reviews)

Category:

Construction - Contracts

State:

Multi-State

County:

Kings

Control #:

US-01744BG

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Instant download

Description

A building and construction contract must fulfill the same requirements as any other type of contract in regard to the following necessary elements:

" an agreement;
" between competent parties;
" based upon the genuine assent of the parties;
" supported by consideration;
" made for a lawful objective; and
" and in the form required by law.

Such a contract generally provides not only for the construction of the project, but also for many matters that are incidental to the project. Thus, it may provide for the carrying of liability, workers' compensation, and fire insurance policies, designating which party is responsible for obtaining particular insurance. A building and construction contract will typically specify the duties, responsibilities, and liabilities of each of the parties, as well as those of any employed architect or engineer. The amount and method of compensation is, of course, an important part of such a contract.

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Series: Owner/Contractor greements. This contract is used when project price is based on a 1sum (fixed price). It is suitable for large or complex commercial construction projects.

So let's look at those three contract types in a bit more detail. Fixed price contracts. With a fixed price contract the buyer (that's you) doesn't take on much risk.Cost-reimbursable contracts. With a cost-reimbursable contract you pay the vendor for the actual cost of the work.Time and materials contracts.

The 4 Different 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.

On the Basis of Validity Valid Contract. Void Contract. Voidable Contract. Illegal Contract. Unenforceable Contract.

4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

The documents produced by The American Institute of Architects (AIA) are the most widely used standard form contracts in the construction industry. They facilitate communications among all the parties involved in construction, which makes it easier to produce a high quality project in a timely and economical fashion.

AIA A10421222017 is a stand-alone agreement with its own internal general conditions and is intended for use on construction projects of limited scope and complexity. The AIA A104 replaces AIA Document A1072122-2007, Standard Form of Agreement Between Owner and Contractor for a Project of Limited Scope.

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.

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.

Time and materials contracts As opposed to lump sum contracts, time and materials (T&M) contracts work best for projects in which the scope of work is not well-defined. Time and materials contracts reimburse contractors for the cost of materials and establish an hourly or daily pay rate.

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Kings New York Basic Building and Construction Contract between Owner and Contractor

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