Chapter Fourteen - Types of Building Contract Agreements

Abstract

This chapter essentially consists of clarification of the Bidding Process and Types of Building Contracts, such as Design-bid-build and Design-Build, Construction Manager as Constructor and Bid Solicitation types of building contracts. Advantages and disadvantages of the Lump Sum (or Fixed Fee) contract are examined including the Lump Sum Contract with Price Adjustment. Likewise, various other types of contract are examined such as the Cost-Plus Contract (including advantages and disadvantages), Guaranteed Maximum Price contract, Labor contract and the Unit Price Contract are examined (including advantages and disadvantages), as well as the Project Management Contract, and the Negotiated Contract. Also provided is a detailed list of American Institute of Architects Contract Documents, ConsensusDOCS Contract Documents, and Engineers Joint Contract Documents Committee Contract Documents. Likewise, various forms, applications, certificates, etc. are explained such as performance bond, payment bond, Owner/Architect Agreements, Standard Forms of Agreement, and Integrated Project Delivery.