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Home| Questions|Q 75251
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Expert Civil Latest Questions

Varun Kumar
Varun Kumar
Asked: August 23, 20222022-08-23T00:10:52+05:30 2022-08-23T00:10:52+05:30In: Construction Management

What is Lump Sum contract?

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    1. Vipin Chauhan
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      Vipin Chauhan Professional
      2022-08-23T21:19:24+05:30Added an answer on August 23, 2022 at 9:19 pm

      A lump sum contract is a contract where instead of charging for individual items for a project the contractor agrees to execute work for a predetermined price which decreases the cost of administration, management, and accounting and also results in less amount of paperwork.

      A lump sum contract is a contract where instead of charging for individual items for a project the contractor agrees to execute work for a predetermined price which decreases the cost of administration, management, and accounting and also results in less amount of paperwork.

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