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Construction contract. A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors. The owner, often referred to as the 'employer' or the 'client', [1] has full authority to ...
General Contractors are mainly responsible for the overall coordination of a project and may also act as building designer and construction foreman (a tradesman in charge of a crew). A general contractor must first assess the project-specific documents (referred to as a bid, proposal, or tender documents). In the case of renovations, a site ...
Construction is a general term meaning the art and science of forming objects, systems, or organizations. [ 1 ] It comes from the Latin word constructio (from com- "together" and struere "to pile up") and Old French construction. [ 2 ] To 'construct' is a verb: the act of building, and the noun is construction: how something is built or the ...
Their builder was entrenched in financial turmoil: layoffs, a restructuring of its top leadership, followed by entering a voluntary receivership, according to public records and news accounts.
Builders are constructing their smallest houses in years, but they still may not be small enough for a significant portion of the population. More than a third (38%) of the builders responding to ...
The median price for a new home has jumped to $495,750, according to the National Association of Home Builders, pricing out 77% of US households. Meanwhile, the Census Bureau found that the median ...
A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1] This type of contract requires a full and ...
Equipment - (1) a category of cost for organizing and summarizing costs, (2) construction equipment used to execute the project work, (3) engineered equipment such as pumps or tanks. Escalation is defined as changes in the cost or price of specific goods or services in a given economy over a period.
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