Abstract
In general, the construction contract price includes direct and indirect project costs plus profit. While construction contracts serve as a means of pricing overall construction, they also structure the allocation of risk to the various parties involved. The Owner has to decide what type of contract should be used for a specific project to be constructed and to set forth the terms in a contractual agreement. It is important to understand the Owner and Contractor’s risk profiles associated with different types of construction contracts.
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References and Further Reading
CCDC-2. (2008). Canadian Construction Document Committee- Stipulated Price Contract.
CCDC-4. (2011). Canadian Construction Document Committee – Unit Price Contract.
The FIDIC. (1999). Conditions of contract for construction – Red book. Author: FIDIC.
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Surahyo, A. (2018). Types of Construction Contracts. In: Understanding Construction Contracts. Springer, Cham. https://doi.org/10.1007/978-3-319-66685-3_5
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DOI: https://doi.org/10.1007/978-3-319-66685-3_5
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