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Cost-Plus Contract: How to Use One

ProjectManager.com

Contracts specify the terms of the agreement between an employer and a contractor. Because these agreements are so diverse, there are many different types of contracts, each with their own benefits. One of these is called a cost-plus contract. When this is the case, you might want to consider a cost-plus contract.

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Contractor Management: A Key to Successful Projects

ProjectManager.com

In the most general sense of the word, a contractor is someone who has signed a contract that legally binds them to specific work, including labor and materials. Contractor management is a process used in projects where some or many of the workers are employed by contract as opposed to those who are salaried employees of a company.

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What Is a General Contractor In Construction? Role & Responsibilities

ProjectManager.com

There’s also more than one type of general contractor, so we’ll explain that as well, plus show the average salary for a general contractor and why it’s important to have one for your construction project. In terms of payment, general contractors tend to work with the project owner under a lump sum or stipulated sum contract.

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Cost Reimbursement Contract: A Quick Guide

ProjectManager.com

There are many ways to contract work. That’s why contracts vary from fixed-price contracts, in which the quoted price is final, to others with more flexibility. For example, a fixed-price contract is only viable for the contractor when they are able to very accurately forecast how much the project will cost.

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What Should You Include in Your Preconstruction Meeting Agenda?

ProjectManager.com

Materials are often delivered to the job site with a certification of compliance with the contract documents. Construction Budget Confirm the construction budget and cost estimations so that all parties are clear on the allotted costs for materials, labor, overhead, etc. so you can forecast costs better.

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Construction Contracts: Types, Best Practices & Mistakes

ProjectManager.com

Construction projects often require outside specialists to complete aspects of the work, and construction contracts bridge the gap between contractors who they hire so everyone knows what is required. What is a Construction Contract? Why is a Construction Contract Necessary? Who is Involved in Construction Contracts?

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How to Manage Project Cash Flow

ProjectManager.com

Projects cost money. Those funds have a life cycle of their own and project managers must understand how those costs come in and out of the project and organization. Project cash flow and a cost-benefit analysis should be done and approved by the leadership team of the company before they approve a project. They are as follows.