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A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more owners, and one or more contractors. The owner has full authority to decide what type of contract should be used for a specific development to be constructed and to set forth the legally-binding terms and conditions in a contractual agreement.
The six types of contracts are:
In a lump sum contract an owner agrees to pay a contractor a specified lump sum after the completion of work without a cost breakdown. After work no detailed measurements is required.
This is a lump sum contract that requires a cost breakdown.
In cost plus fixed fee, the owner pays the contractor an agreed amount over and above the documented cost of work.
In cost plus percentage, the owner pays greater than 100 percent of the documented cost, usually requiring detailed expense accounting.
Special contracts are further classified into five types:
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