What is a Construction Contract?

A construction contract agreement is a document that sets a date and specifies which parties are going to participate in the construction process. Usually, the contract agreement is executed between the owner of the project and the contractor or supplier that is providing the requested services and contains several sections of clauses defining the scope, terms, and conditions of such agreement.

Why is a Consturction Contract Important?

A contract agreement is a really important document that will define your scope of work and that will bind the owner to your services, including the payment terms. It is really important that you understand the scope of work specified in the contract agreement, complete the work as scheduled, and invoice per instructed to do so, and finally it will be the tool used so you can get paid. However, contract agreements must do as follows:

• Be in writing.
• Contain a description of the product or service being offered.
• Be understood and clear between both parties.
• Include services being contracted clearly.
• Include cancellation or termination policy.
• Have financial terms clear

Sources-https://www.thebalancesmb.com/contract-agreements-844530