LUMP SUM CONSTRUCTION CONTRACT FORLump Sum Construction Contract • April 26th, 2023 • Tennessee
THIS LUMP SUM CONSTRUCTION CONTRACT (hereinafter referred to as “Contract”) is made and entered into as of _ _, between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY, a body politic and corporate under the laws of Tennessee (hereinafter referred to as “Owner” or “Sponsor”) doing business at 2491 Winchester Road, Suite 113, Memphis, Tennessee 38116-3856, and {insert CONTRACTOR NAME}, a {insert LEGAL ENTITY TYPE and STATE} doing business at {insert Contractor address}, (hereinafter referred to as “Contractor,” “Bidder,” or “Offeror”). Owner and Contractor may sometimes be referred to herein individually as “Party” or collectively as “Parties.”
LUMP SUM CONSTRUCTION CONTRACT FORLump Sum Construction Contract • June 30th, 2022
The Owner has elected to implement an Owner Controlled Insurance Program (OCIP) that will provide Workers’ Compensation, Employer’s Liability, Commercial General Liability, Excess Liability and Builders’ Risk insurance for Contractors and Subcontractors of every tier who have been properly enrolled and are providing direct labor to the Project. A general summary of coverage provided by the OCIP is included in the MSCAA OCIP Manual, (hereinafter called the Manual), a copy of which is attached hereto and made a part of this Agreement and should be attached to and incorporated in every subcontract. All terms and conditions of Exhibit C will apply during the term of the contract. The Owner agrees to pay all premiums associated with the OCIP.
Lump sum construction contract exampleLump Sum Construction Contract • June 5th, 2023
By Yash Baheti and Daniel GrayLast Updated May 25, 2023A lump sum contract provides a fixed price for completing a construction project. Also called a stipulated sum contract, this type of construction agreement provides simplicity for both owners and contractors, and it’s often used for projects with a clear scope of work.Below, we’ll look closely at how lump sum contracts work, lump sum contract examples, and the pros and cons of lump sum contracts.A lump sum contract is an agreement that sets a predetermined cost for construction work. In other words, the contractor performing the work agrees to complete the project for a fixed amount — no more or less. Notably, that contract amount is tied to a specific scope of work, so contractors are not obligated to perform work above and beyond the original agreement. It's important for projects using lump sum agreements to have a well-defined scope of work. Without a clear scope, owners could face unexpected costs or contractors may face disp
Lump Sum Construction ContractLump Sum Construction Contract • July 29th, 2019
Having accepted the Contractor's bid, outlined the scope and design of the Project, and viewed preliminary blueprints and drawings, the Company agrees to pay the Contractor
BOARD OF COUNTY COMMISSIONERS ORANGE COUNTY, FLORIDA LUMP SUM CONSTRUCTION CONTRACTLump Sum Construction Contract • February 14th, 2017 • Florida
Project is to be constructed with asbestos free materials. A written, notarized statement on company letterhead is to be submitted with the final payment request. Final payment shall be withheld until such statement is submitted. Contractor shall agree that if materials containing asbestos are subsequently discovered at any future time to have been included in the construction done by the Contractor or any of its Subcontractors or agents and were not specified in the design or required by the Contract document, Contractor shall be liable for all costs related to the abatement of such asbestos and damages or claims against the County.
