Identify advantages and disadvantages of each contract type
Contract Types
Suppose that your firm has been hired to design and build a community center, in a small rural community. The structure should be approximately 14,000 square feet, using pre-cast concrete construction. The structure itself will be located on a four-acre plot. The community center will house various government offices and hold council meetings and other public events.
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There are three possible contract types for you to examine in this assignment:
• Single fixed price
• Unit price
• Cost plus a fee (fixed or percentage)
To complete this assignment, write a short paper, 2-3 pages, in which you compare and contrast the three different contract types. In your paper:
• Identify the advantages and disadvantages of each contract type.
• Demonstrate the ways in which each type of contract addresses project risks.
• From the list of contract types, make a recommendation to a client for one specific contract type. Justify your recommendation.
Cite your sources on a separate page, according to APA format.