A type of construction contract that requires the general contractor to complete a building project for a fixed cost that is usually established beforehand by competitive bidding.
Related information about lump-sum contract:
- What is lump sum contract? definition and meaning
Definition of lump sum contract: A contract under which a principal (customer or owner) agrees to pay a contractor a specified amount for completing work ...
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A lump sum contract is an agreement in which someone agrees to pay someone else a set sum of money after he provides a specific...
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A lump sum contract or a stipulated sum contract will require that the supplier agree to provide specified services for a stipulated or fixed price. In a lump sum ...
- lump sum vs. cost plus - Tarter Krinsky & Drogin LLP
Dec 28, 2010 ... experience in the construction industry, the lump sum contract is often ideal. ... A lump sum contract is generally a closed-book arrangement, ...
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A lump sum contract, sometimes called stipulated sum, is the most basic form of agreement between a supplier of services and a customer. The supplier agrees ...
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A Fixed Fee or Lump Sum Contract is suitable if the scope and schedule of the project are sufficiently defined to allow the consulting engineer to estimate project ...
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The term firm fixed price or lump sum contract refers specifically to a type or variety of fixed price contract where the buyer or purchaser pays the seller or ...
- Form of Contract: Lump Sum Contracts. Suitable for Lump Sum ...
... issue Liability for Defects limited liquidated damages lump sum contract materials ment notice operation payment performance tests personnel Pre- installation ...