Contract
A legally binding agreement between two or more parties outlining the terms and conditions for a construction project.
The contract defines responsibilities, payment terms, and the project scope, setting the foundation for all project activities.
Used in a sentence
Before any work can begin, the contract must be signed by all parties involved.
Synonyms/variation
Agreement
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Using Standard Operating Procedures for Better Contract Management
Every construction project is different, meaning that GCs have to be continually agile and strategic about applying their experience. Major categories change from project to project, from the owner to the delivery method. Fortunately, that doesn’t mean the GC goes into the project blind: They have the contract to guide them. The contract documents should […]
Understanding Supplementary Conditions on Construction Contracts
No two construction projects are exactly alike — and the same goes for construction contracts. Even when using a standard contract form, owners and contractors sometimes use supplementary conditions to shape the contract documents to fit the project at hand better. Supplementary conditions may add additional information that isn’t included in standard contract terms, alter […]
A Straightforward Guide to Construction Contract Review
Construction contracts are like the glue for the project team. They’re the ties that bind the working relationships and goals for the project, containing information about responsibilities, liabilities and processes that govern a relationship between construction stakeholders. Despite their importance, contracts are long, and project team members are busy — so it’s easy to understand […]
Escalation Clauses in Construction Contracts: When and How They Apply
In construction contracts, an escalation clause allows for the escalation of a certain price for labor or materials to be used in a construction project. This type of clause is most commonly used to account for the potential fluctuation of material prices throughout the life of the project. It safeguards the contractor, allowing for adjustments in […]
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