Striking a Deal for Success
There are many different types of contracts to fit any project, client and contractor. These contracts are important because they establish the parameters for compensation at the forefront of the project. They can serve as incentives for contractors and establish the guidelines for the projects allowing everyone to work from the same page.
A lump sum contract allows a client to leave most of the worries to the contractor. By investing a bit more, they provide the contractor with a set lump sum and let the building begin! Learn More
Cost plus contracts can be set up in different ways, but the general idea is the same: an established amount or percentage is agreed upon for costs that exceed the original estimate. Learn More
Target estimate contracts distribute penalties and rewards between the contractor and the client. If the project comes in over budget, the costs are shared at an agreed upon percentage. Likewise, if the budget comes in under budget the savings are distributed. Learn More
For projects with a strict budget, guaranteed maximum price contracts are a great option. The contractor provides a maximum price and the client provides a very specific scope of work. Learn More
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