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New Construction Contract Checklist Form
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People also ask
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What are the 5 essential elements of a construction contract?
Five Essential Elements of a Construction Contract Full Name, Address, and Signatures of Both Parties. Though this may sound obvious, this commonly overlooked element of construction contracts is required to make the contract legally binding. ... Scope of Work. ... Project Cost and Payment Terms. ... Schedule of Work. ... Authority.
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What are the 4 main types of construction?
The four main types include residential, commercial, industrial and infrastructure construction, but there are other types of construction as well as different ways to classify them, such as by sector, owner, occupancy or fire resistance.
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What are the 4 valid contracts?
It is a legal framework for the agreement between the parties, which is both certain and enforceable. However, to be legally binding, a contract must include four key elements: an offer, acceptance, consideration, and an intention to create legal relations.
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What are the 4 types of construction contracts?
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.
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What to include in a construction contract?
A contract should contain everything agreed upon by you and your licensed contractor. It should detail the work, price, when payments will be made, who gets the necessary building permits, and when the job will be finished. The contract also must identify the contractor, and give their address and license number.
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What to avoid when writing construction contracts?
What to avoid in construction contracts Unclear scope of work and specifications: An ambiguous scope of work can cause misinterpretation. ... Missing change order procedures: Not having change order procedures is a risk as construction projects rarely go exactly ing to plan.
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What are the 4 classifications of contracts?
In general, contracts are classified along four different dimensions: explicitness, mutuality, enforceability, and degree of completion. Explicitness is the degree to which the agreement is manifest to those not party to it. Mutuality takes into account whether promises are given by two parties or only one.
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What are the main types of construction contracts?
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.
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