Types of contract documents

How do you select a construction contract? Contract Process Guide. What is a major contract?

While many types of contracts exist, below is a brief list of the types that may be used at the university. At the early stages of any construction project, the owner with his engineer or consultant prepares necessary documents for the tender process, which will be included in the contract. These documents are called contract documents. See full list on theconstructor. The different types of documents in a construction contract are as follows- 1. Special conditions 3. General conditions 2. Drawings and specifications 4. Q (bill of quantity) 5. Letter of acceptance 6. The conditions of contract are terms that rule the relationships between the owner and the contractor, define each party’s rights and obligations, specify the method of payment and determine actions required when existing any disputes between the owner and the contractor.

One of the characteristics of construction projects is uniqueness. Every project has its particular circumstances, so it’s crucial to select the contract type which suits the project. The owner develops the process of selecting the type of contract.

There are many types of contracts used in construction. Each type has its advantages and disadvantages concerning the owner and the contractor. They are categorized into two major groups as per the method of payment to the contractor. The following are the types of construction contracts generally used in construction projects: 1. Unit price contract 3. Cost-plus contract 4. In this type, the contractor bids a single fixed price for overall activities in the project scope.

All risks are assigned to the contractor, and there isn’t any risk carried by the owner. This contract is ideal when the. The total price of the project in the unit price contract is based on the price of each item’s unit. The risk is shared with the contractor and the owner.

The contractor is paid as per the rates of items specified in the bill of quantity. The construction of the project can be started before finishing the designs, so the total cost of the project will be uncertain at the early stages of the project. Target cost contract has common features of the lump sum and cost-plus contracts.

There is a risk carried by the contractor in case of an increase in the cost of construction projects. In this type of contract , contractor is paid the actual cost of work plus certain percentage as profit. Various contract documents , drawing, specifications are not necessary at the time of signing the agreement.

Contracts under Seal Traditionally, a contract was an enforceable legal document only if it was stamped with a seal. The seal represented that the parties intended the agreement to entail legal consequences. The minutes of the pre- contract meeting may form part of contract documents (for all procurement routes) subject to the agreement of both parties.

No Installation Needed. Save Time Signing Documents Online. A contract is a written agreement that binds Prairie View AM University and another party to the obligations within the document.

PVAMU Contracts Office is responsible for the review and approval of all contracts prior to a contract being signed by the appropriate delegated authority. Start studying Types of Contract Documents. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A construction contract is a legal agreement between the client and the contractor in the construction industry. Each construction project should have a contract and each contract should include basic contract documents.

In general this contract is only suitable for construction and supplier projects where the different types of items, but not their numbers, can be accurately identified in the contract documents. Unlike other industries, a construction contract isn’t one single document. Instea it is a collection of documents that are prepared by a number of different parties. Prudent clients, GCs and subs should read their contract multiple times over. To summarize, be cognizant of, and properly draft the provisions regarding, what constitutes the Contract Documents.

Shop Contract Documents. Reduce conflicts and avoid litigation—the Engineers Joint Contract Documents Committee (EJCDC) develops and updates fair and balanced contract documents that represent the latest and best thinking in contractual relations among all parties involved in engineering design and construction projects. Eventually every organization may not be able to do all the work in your project.

It could be because of your organization is not focusing on those type of sub tasks or projects.