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1. www.procore.com › library › lump-sum-contractsLump Sum Contracts in Construction - Procore

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   Jun 11, 2024 · A lump sum contract is an agreement that sets a predetermined cost for construction work. In other words, the contractor performing the work agrees to complete the project for a fixed amount — no more or less.

2. People also ask

   Are lump sum contracts a good option for small construction projects?

   • Since the scope of work is well-defined in a lump sum contract, any changes to the project can be difficult and costly to implement. This can be problematic if the owner changes the project after signing the contract. Overall, lump sum contracts can be a good option for smaller construction projects with well-defined scopes of work.

   What You Need to Know About Lump Sum Contracts in Construction

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   What is a lump sum contract?

   • When both parties sign the lump sum contract, the contractor has agreed to the scope of the work and the owner has agreed to the price. Notably, lump sum contracts can also be used for subcontractor agreements, and in that case, the specialty contractor is agreeing to complete a predetermined portion of the project for a fixed price.

   Lump Sum Contracts in Construction - Procore

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   Are lump sum contracts a benefit or a hindrance to a construction project?

   • All construction contracts address critical aspects of a project, including its scope of work, price and payment terms, schedule and an explanation of each party’s rights and responsibilities. However, lump sum contracts have specific criteria that can be both a benefit and a hindrance to a construction project.

   Lump Sum Contracts: Advantages, Disadvantages & When to Use

   www.netsuite.com/portal/resource/articles/accounting/lump-sum-contracts.shtml

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   What is a fixed lump sum contract?

   • Fixed lump sum contracts are often used when the scope of work is well-defined, and the owner knows exactly what they want. This type of contract gives the owner a clear understanding of the project’s total cost, making it easier to budget and plan. However, fixed lump sum contracts can be risky for contractors.

   What You Need to Know About Lump Sum Contracts in Construction

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3. www.pandadoc.com › blog › lump-sum-contractLump sum contracts in construction: A complete guide - PandaDoc

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   Mar 27, 2024 · The ‘lump sum’ refers to this total price, not the payment schedule – owners will usually pay in regular installments. The contractor agrees to deliver the full scope of the project at that price regardless of incurred costs. Lump sum contracts offer a convenient way for builders to bid for jobs.

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5. www.procore.com › en-au › libraryUnderstanding Lump Sum Contracts in Construction - Procore

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   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.

6. www.procore.com › library › construction-contract-typesThe 5 Key Types of Construction Contracts - Procore

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   Sep 6, 2024 · 1. Lump sum contracts. Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.

7. c-link.com › blog › what-you-need-to-know-about-lumpWhat You Need to Know About Lump Sum Contracts in Construction

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   Jun 30, 2023 · A lump sum contract is a construction contract where the contractor or subcontractor agrees to complete a project for a fixed price. The payment for the project is based on the agreed-upon price, regardless of the actual costs incurred during construction. This type of contract is commonly used for smaller projects with well-defined scopes of work.

8. buildingradar.com › construction-blog › what-is-aWhat is a 'Lump Sum Contract'? | Building Radar

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   Aug 29, 2024 · A lump sum contract is a type of construction agreement where the contractor agrees to complete the project for a predetermined, fixed price. This contract type is typically used when the scope of work is well-defined, and both parties have a clear understanding of the project’s requirements.

9. www.netsuite.com › lump-sum-contractsLump Sum Contracts: Advantages, Disadvantages & When to Use

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   Apr 12, 2021 · This guide to lump sum contracts explains how they differ from other contract types, which types of projects benefit from them the most, and when you should choose lump sum over fixed price.