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How Does A Lump Sum Contract Work? 5 Things To Consider
Construction Management

How Does A Lump Sum Contract Work? 5 Things To Consider

While you may not realize it, Lump-Sum Contracts are extremely common. Although they’re not always designed as “Lump Sum”, or even a contract at all, Lump Sum Contracts are used in many different industries, including on construction projects, hiring vendors, making purchases and more. So how does a Lump Sum Contract work? In this article, we’ll go through what a Lump Sum Contract is, when they’re used and 5 things to consider before and after signing one! Let’s get started.

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Pat Finnegan June 17, 2020
What Should Be Included In A Schedule Of Values - 7 Tips For Contractors
Construction Documents & Templates

What Should Be Included In A Schedule Of Values? Free Template + 7 Tips For Contractors

When it comes time to pay our cable bill or buy groceries, the process is fairly straightforward. We look at the bill or cash register, get out our wallets and cough up the money. Then we’re on our way. In the construction industry, the billing process is a bit more complicated. Projects that are in full swing have workers onsite from several different trades, materials getting delivered, equipment in use and other costs like that. The Owners of these projects release progress payments as the project continues (often monthly). The amount paid is supposed to represent the amount of work done since the last time they paid a bill. What determines how much any particular task of work is worth in comparison to the entire project? That’s where the Schedule of Values (SOV) comes in! So what should be included in a schedule of values? Here are 7 tips for contractors!

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Pat Finnegan December 16, 2019
10 Things To Exclude From A Construction Bid, Proposal Or Contract
Construction Documents & Templates

10 Things To Exclude From Construction Bids, Proposals & Contracts

All construction projects begin on paper. Tied with drawings, the most important pieces of paper on a construction project are those included in the legal documents. Legal terms are found most defined in the final contract executed between a client and contractor, but even the terms and conditions submitted as part of a construction bid or proposal are critical and carry legal implications, too. This is why it’s essential that contractors understand what to exclude from a construction bid, proposal or contract. In this article, we’ll cover 10 must-know things to exclude in your next construction project.

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Pat Finnegan December 9, 2019

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Articles related to lump sum contracts in project management.

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