Get the free LUMP SUM CONSTRUCTION AGREEMENT - BidNet

ADDENDUM NO. 1PAGE 1ORF Departures Elevator Improvements Norfolk International Airport Gresham, Smith and Partners / 42426.04 May 25, 2018, The Norfolk Airport Authority (the Owner) hereby issues

How to fill out lump sum construction agreement

How to fill out lump sum construction agreement

1. Read the agreement carefully and understand its terms and conditions.
2. Identify the parties involved in the agreement, including the contractor and the client.
3. Fill in the agreement with the necessary information, such as the project description, location, and start and end dates.
4. Specify the scope of work to be performed, including the materials, labor, and equipment required.
5. Include provisions for any change orders or modifications that may arise during the construction process.
6. Detail the payment terms, including the total lump sum amount, progress payments, and final payment due upon completion.
7. Address any warranties or guarantees provided by the contractor.
8. Include provisions for dispute resolution, such as mediation or arbitration.
9. Sign and date the agreement, ensuring that all parties involved have reviewed and approved the terms.
10. Keep a copy of the signed agreement for reference throughout the construction project.

Who needs lump sum construction agreement?

1. Lump sum construction agreements are typically used by clients or project owners who want to establish a fixed price for a construction project.
2. It is commonly used in larger projects where the scope of work is well-defined and the client prefers a firm budget.
3. These agreements are beneficial for clients who want to mitigate the risk of cost overruns and have a clear understanding of the project cost upfront.
4. Contractors may also request lump sum agreements when they are confident in their ability to accurately estimate and manage the project within a fixed budget.

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What is lump sum construction agreement?

A lump sum construction agreement is a contract where a contractor agrees to complete a project for a fixed total price, encompassing all costs associated with the construction process.

Who is required to file lump sum construction agreement?

Typically, the contractor or construction firm undertaking the project is required to file the lump sum construction agreement.

How to fill out lump sum construction agreement?

To fill out a lump sum construction agreement, parties involved need to provide detailed project information, establish the total fixed price, outline project timelines, and specify terms and conditions of payment.

What is the purpose of lump sum construction agreement?

The purpose of a lump sum construction agreement is to provide a clear and enforceable document that sets the expectations of both the contractor and the client regarding cost, scope, and timelines for the construction project.

What information must be reported on lump sum construction agreement?

The agreement must report the project scope, total lump sum price, payment schedule, completion date, and any terms and conditions regarding changes or delays.