Understanding basic contracting terms and the standard construction contract for
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Understanding basic contracting terms and the standard construction contract forms is fundamental to the contracting process. It is advantageous to be able to distinguish between the types of contracts available in order to determine the contract that best meets the needs of the project.
For this Discussion, you will examine the typical contract forms and commercial terms associated with projects in the construction industry. In addition, you will analyze the appropriate contract forms based on project environment and circumstances. Specifically, address the following:
Describe the typical contract forms and commercial or payment terms.
Explain which contract forms are most common and why.
Select two contract types and explain the advantages in terms of cost, schedule, and risk distribution.