What are the various types of contracts used in the construction industry?

In North Carolina, there are four main types of contracts used in the construction industry. The first type of contract is called a fixed-price contract. This is a contract where the buyer and the seller agree to a certain price for the project that will not be altered no matter the amount of labor or materials used. The second type of contract is a cost-plus contract. This type of contract is one where the buyer and seller agree to a base price plus an additional fee based on the costs of labor and materials. The third type of contract is a unit-price contract. This type of contract is one where the parties agree to a certain per-unit price, and the final cost of the project is determined by the amount of labor and materials used. Finally, the fourth type of contract is a time-and-materials contract. This is a contract where the buyer and the seller agree to a set rate based on the amount of time and materials used in the project. Overall, these four types of contracts are the most widely used in the North Carolina construction industry. Each of these contracts has its own advantages and disadvantages, and all must be considered carefully when entering into a construction project.

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What are the various types of contracts used in the construction industry?

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