Lump sum contracts: A. Are negotiated between the owner and contractor on competitively bid projects. B....

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Civil Engineering

Lump sum contracts: A. Are negotiated between the owner andcontractor on competitively bid projects. B. Are where thecontractor is reimbursed for actual costs of labor and materials.C. Are typically used on engineering projects. D. Are the simplestmethod of stating the cost of an entire contract.

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The contractor under takes the execution o r construction of specific work with all its contingencies to complete it in all aspects with the specified time FIR the fixed amount The quantities are schedule of different items of work are not provided the contractor shall have to complete the work as per plan within stipulated time for fixed sum A Owner is aware of the cost of the project before the project construction starts it avoid a lotof details and accounting by the both owner and contractor Contractor gets free hand See Answer

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