- Scope of Work. Clients need to be clear about what a company is going to do for them.
- Payment Obligations.
- Insurance Information.
- Parties to the Agreement and Notice.
- Authority to Make Decisions.
What are the 4 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.
What to expect in a construction contract?
It carefully outlines the terms and conditions of the agreement, the rights of both parties, the amount to be paid, the date of commencement of the work, and the expected date of completion. As experts in construction law, Contracts Specialist understands the importance of construction contracts.
What to avoid when writing construction contracts?
- It's not written down.
- Both parties haven't signed the contract.
- Not all of the terms of the agreement are in writing and in the contract.
- The timeline is unclear.
- Particular terms aren't defined.
- There's no written approval of any changes to the contract.
What are the 4 most important elements of a contract?
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.