What are the Different Types of Building Contracts? (www.AutoBuilders.net)
www.autobuilders.net If you’re considering hiring a general contractor or you’ve already made your choice, you might be wondering what type of Construction Contract should you use? There are a few different contract forms that we use that you might want to consider using. – The Consensus Documents by the Associated General Contractors of America. This is a fair set of documents that they produce for approval between the owner, the contractor, and the architect. – Then there’s the Contract Documents by the American Institute of Architects (AIA) which is another standard document that contractors, architects, and owners use. Either of these documents are fair and recognized by the legal community. -The most common document type we see is the Standard Stipulated Sum Contract. This is used in a bid format when several general contractors are bidding on a design, and the design documents call for a Stipulated Sum or a Guaranteed Price or agreed upon sum that the contractor agrees to. If the project is under the stipulated sum, the contractor keeps the savings, but if the project goes over the stipulated sum, the contractor looses out on that amount. – Cost + a Fee is where you sit down with the owner, you show them all of your subcontractor’s bids, and the owner pays the actual cost of construction plus a negotiated fee for your services. This way, you get the actual cost of the project, you see all of the invoices, and you know exactly what the cost is and you pay that plus …
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When making a partnership agreement, it may be best to hire the services of an attorney unless an agreement has been drafted that both parties are content with. Discover more about partnership agreements and how they are typically governed by the Uniform Partnership Act withtips from a lawyer in this free video on business law. Expert: Robert M. Todd Contact: www.wearehdtv.com Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions. Filmmaker: Christopher Rokosz
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