In which of the following the contractor undertakes the execution or construction of a specific work with all its contingencies, to complete it in all respect within a specified time for fixed amount?
In which of the following the contractor undertakes the execution or construction of a specific work with all its contingencies, to complete it in all respect within a specified time for fixed amount?
1). Item rate contract
2). Lump sum contract
3). Percentage rate Contract
4). Schedule contract
1 answers
Lump Sum Contract:
In this type of contract, the contractor undertakes the execution or construction of a specific work with all its contingencies, to complete it in all respect within a specified time for fixed amount.
The contract agreement in lump sum contract includes:
- Detailed specification of all the items of works pertaining to the whole work
- Plan and detailed drawing
- Deposit of 10% security money
- Penalty
- Progress and other condition of the contract
- On completion of the work whole work is compared and checked with plans and drawing
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