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Feb 1, 2023 · Knowing what a lump sum contract is, also known as a fixed-price contract, is important for a contractor. The contract states one lump-sum price for all the work and the contractor agrees to finish the project under the set cost that's listed in the contract.
A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1] This type of contract requires a full and ...
A lump sum construction contract is an agreement to set a predetermined cost for a construction project. In this case, the contractor must deliver the project according to the agreed-upon expenses. This lump sum construction template helps to outline these responsibilities.
Mar 25, 2024 · A lump sum contract is an agreement that sets a predetermined cost for construction work. Under this arrangement, the contractor performing the work agrees to complete the project for a fixed amount – no more or less.
Jan 13, 2023 · By Lynn Pearcey, MBA, Copywriter, AIA Contract Documents. January 13, 2023. Under a Lump Sum Contract, contractors agree to perform construction services for a set price. Unlike other contracts where expenses are itemized, a lump sum contract focuses solely on the total cost of the build.
Mar 1, 2024 · A lump sum contract is a specific type of contract agreement where the party that agrees to perform services under terms of the contract, agrees to complete the entire project for a fixed amount. A lump sum contract may also be referred to as a fixed price contract.
Dec 27, 2022 · A lump sum contract, also known as a stipulated sum contract, is a document that details the fixed costs for a construction project. This type of contract can help project owners and managers define the scope and expectations of a construction project and the budget for the final invoice.
