MEANING OF LUMP SUM CONTRACT- ALL YOU NEED TO KNOW
A lump sum contract, also known as a “stipulated sum contract,” is a construction agreement in which the contractor agrees to complete the project for a predetermined, set price. Under a lump sum agreement, the contractor submits a total project price instead of bidding on each individual item. However, this doesn’t necessarily mean that the entire sum is paid in a single payment at the end of the contract. A lump sum contract can define a total price for the project, but still call for progress payments to be made over time throughout the job……………..
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