Before ground is broken on a construction project, an owner is faced with many difficult decisions. Most importantly the owner must decide what kind of construction contract to enter into with the contractor. The most common options available to an owner are the lump sum contract and the cost-plus-fee contract.
Both of these contracts have advantages and disadvantages from an owner’s perspective. The owner must keep his financial interest in mind, while at the same time, allowing the contractor to make a reasonable profit and build a quality project efficiently.
The Lump Sum Contract
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