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Mind Maps

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2. Types of Contracts


Three principal types of contracts:


1. Reimbursable

•Cost reimbursable (time and material)

•Cost reimbursable with percentage fee

•Cost reimbursable with fixed fee

•Cost reimbursable plus cost/schedule bonus/penalties


2. Measured (unit price)

•Measured unit price


3. Lump sum

•Guaranteed maximum price

•Lump sum/ fixed price


Some main (+) advantages/ (-) disadvantages:

1.a.  Reimbursable – cost contract

•(+) Flexibility in dealing with changes (important if job is not well defined)

•(+) An early start can be made

•(-) Final cost is unknown

•(-) Difficulties in evaluating proposals


1.b.  Reimbursable – “target” contract (cost and schedule):

•(+) Flexibility in controlling the work

•(+) Almost immediate start on the work

•(-) Final cost initially unknown

•(-) No opportunity for competitive bidding for the “targets”

•(-) Difficulty in agreeing on an effective target


2.  Measured (unit price) contracts

•(+) Good design definition is not essential

•(+) Very suitable for competitive bidding

•(-) Final cost is not known

•(-) Additional site staff are needed to measure, control and report


3.  Lump sum/ fixed price contracts

•(+) Low financial risk to owner/ maximum risk to contractor

•(+) Cost is known before commitment is made

•(-) Variations are difficult and costly

•(-) An early start is not possible



Link to Section 1. Overview

Link to Section 2. Types of Contracts

Link to Section 3. Types of Estimates

Link to Section 4. Document Control

Link to Section 5. Estimating Data Sources

Link to Section 6. Order of Magnitude Estimates

Link to Section 7. Definitive Estimates

Link to Section 8. WBS (Work Breakdown Structure)

Link to Section 9. Estimating Work Items

Link to Section 10. Bid Wrap Up




Construction Estimating Course - Types of Contracts

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