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A Contractor under a lump sum agreement will be responsible for the proper job execution and will provide its own means and methods to complete the work. [6] With a lump sum contract or fixed-price contract, the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings. At pre-tender ...
The Canadian Construction Documents Committee's "Stipulated Price Contract" (CCDC-2), revised in February 2008, provides for a property owner and prime contractor to agree that work is done for a fixed price or lump sum.
Lump sum is a noun which means a complete payment consisting of a single sum of money while turnkey is an adjective of a product or service which means product or service will be ready to use upon delivery. In the construction industry, LSTK combines two concepts. The LS part refers to the payment of a fixed sum for the delivery under e.g. an ...
A lump sum could be $10,000, $50,000, $200,000 or any amount that is large given your situation. You might find yourself with a lump sum for any number of reasons. Perhaps you received an inheritance.
An annuity is a financial contract between you and an insurance company in which you hand over a lump sum or series of payments in exchange for a steady stream of income in retirement.
Fixed. With a fixed annuity, the insurer agrees to pay you a set interest rate during the period when your investment is still growing. ... such as the S&P 500 Composite Stock Price Index. However ...
Under a lump sum contract, a “fixed price” for the work to be done is agreed upon by the client and contractor before the work begins. This contract can also be applied to both home building and commercial contracts. It can be more of a risk to the contractor as there are fewer mechanisms to allow them to vary their price.
Home equity loan A fixed-rate, lump-sum loan using your home as collateral, also known as a second mortgage. Requirements vary among lenders, but they typically only allow you to borrow up to a ...