Design and construction contracts start with forms.
There are four primary procurement models – design/bid/build, CM advisor, CM as constructor, and design/build model. There are four basic alternatives for pricing - lump sum or fixed price, open book, estimate or upset price, and guaranteed maximum price. And each pricing alternative works differently with each procurement model to make each construction contract work. After determining the best procurement model and pricing alternative don’t just fill in the blanks of your construction contract. When customizing the contract for your project be sure to factor in the power to modify the form as you need over time.
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