What Is a Unit Price Contract in Construction?
Unit price contracts are a popular choice in the construction industry for their ability to handle projects with variable scopes. [...]
7 Tips to Reduce Overhead and Increase Profit for Contractors in Construction
Managing overhead costs while increasing profit margins is one of the biggest challenges construction contractors face today. If overhead gets [...]
Time and Materials (T&M) Contracts: Definition, Pros, and Cons
Managing project agreements can be difficult, especially when dealing with unpredictable timelines or costs. For dynamic projects where flexibility is [...]
What is a Cost-Plus Contract in Construction? (Types and Definition)
Cost-plus contracts are becoming an increasingly popular choice in the construction industry. These contracts offer transparency and flexibility, making them [...]
How to Optimize Your Construction Supply Chain for Better Results
In the construction industry, optimizing the supply chain is crucial to project success. According to a study by McKinsey & [...]
Retainage in Construction: Complete Guide to Billing and Best Practices
Retainage is a portion of a contractor’s payment withheld until project completion that serves as a safeguard for quality and [...]
What Is a Construction Punch List? The Complete Guide
When you’re nearing the end of a construction project, every detail counts. That’s where a construction punch list comes in. [...]
Construction Contingency 101: Everything You Need to Know
Every construction project comes with its share of uncertainties. From unexpected site conditions to last-minute design changes, the risks can [...]
Complete Guide to Guaranteed Maximum Price (GMP) Contracts in Construction
Guaranteed Maximum Price (GMP) contracts are commonly used in many industries, but they have particular considerations when applied to construction [...]