In which of the following the contractor undertakes the execution or construction of a specific work with all its contingencies, to complet… — Answer & Discussion

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?

AItem rate contract
BLump sum contract
CPercentage rate Contract
DSchedule contract

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Discussion 1

CCommunity27 May 2019

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