Write an essay explaining what, either Lump Sum or Cost-Plus contracts are. Make special reference to the advantages and disadvantages of the contract and give some examples of construction and engineering project which will work well for the type of contract. This should not be more than two pages long. (The essay must be on either the Lump Sum or Cost-Plus contracts, not both)

1.Lump Sum Contracts
or
2.Cost-Plus Contracts

Answer rating: 100% (QA)

A lump sum contract is a contract in which the contractor agrees to complete the work for a fixed price This type of contract is often used for construction and engineering projects The main advantage ... View the full answer