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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 stage the contractor evaluates the cost to execute the project (based on the above documents such as drawings, specifications, schedules, tender instruction and ...
A fixed-price contract is a type of contract for the supply of goods or services, such that the agreed payment amount will not subsequently be adjusted to reflect the resources used, costs incurred or time expended by the contractor. This contract type may be contrasted with a cost-plus contract, which is intended to cover the costs incurred by ...
Under a lump sum contract, a “fixed price” for the work to be done is agreed upon by the client and contractor before the work begins. This contract can also be applied to both home building and commercial contracts. It can be more of a risk to the contractor as there are fewer mechanisms to allow them to vary their price.
In the world of finance, an annuity is a contract between you and a life insurance company in which you give the company a lump sum or series of payments, and in return, the insurer promises to ...
The LS (lump sum) part refers to the payment of a fixed sum for the delivery under e.g. an EPC contract. The financial risk lies with the contractor. TK (turn key) specifies that the scope of work includes start-up of the facility to a level of operational status. Ultimately the scope of work will define just exactly what is needed.
Lump-sum investing involves putting your whole investment bankroll into the market at one time. This no-hassle approach has a lot going for it, but it also has drawbacks. Both are outlined below.
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