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A "base date" is a reference date from which changes in conditions can be assessed. In a construction contract, the inclusion of a base date is generally used as a mechanism for the allocation of risk between the owner and contractor for changes which might occur in the period between the contractor pricing the tender and the signing of the ...
The terms performance-based and results-based are mostly used interchangeably. The latter may signal more the achievement of broader social and economic outcomes Performance-based contracting is the term used in Australia, New Zealand and Canada to describe the practice of attaching contract payment to a set of performance metrics.
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 ...
Time and materials (T&M) is a standard phrase in a contract for construction, product development, or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and the subcontractors' employees to perform the work, and for materials used in the construction, plus the contractor's markup on the materials used, no matter ...
The master service agreement serves as a master contract governing the terms over potentially multiple SOWs. Sometimes it refers to scope of work. For instance, if a project is done on contract, the scope statement included as part of it can be used as the SOW since it also outlines the work of the project in clear and concise terms. [3]
This contract type may be contrasted with a cost-plus contract, which is intended to cover the costs incurred by the contractor plus an additional amount for profit, and with time-and-materials contracts and labor-hour contracts. [1] Fixed-price contracts are one of the main options available when contracting for supplies to governments.
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