PraiseBuildings Articles


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What is a “Contract”? A contract is defined as a set of promises. In order to be enforceable, all contracts must contain the following elements:¨ There must be an agreement between the parties, “a meeting of the minds” on the subject matter of the contract. ¨ The subject matter must be lawful. ¨ There must be sufficient consideration. ¨ All parties must have the legal capacity to contract and there must be compliance with legal requirements regarding the form of contract. A construction contract must be in writing to be enforceable. A construction contract is divided into five sections: Section One - The parties to the contract : each party to the contract is listed. Section Two - The scope of work - the entire scope of work must be listed in this section. On major projects, a separate book with the written scope of work and the accompanying blue prints will be included as an attachment detailing the scope of work and will be listed as an exhibit to the contract. Section Three - The cost - This section should include the cost of the work ...