Question

under a - or lump-sum, agreement, the contractor agrees to perform all work specified in the contract at a known cost.

Answer 1

A "stipulated sum contract," commonly referred to as a lump sum contract, is a construction contract where the contractor consents to finish the project for a predefined, fixed amount.

What its means contract?

The simplest definition of something like a contract is a commitment that is legally binding. The commitment could be to carry out or abstain from a certain action. A contract must be made by two or more parties who must agree to it, with one of them typically presenting an offer and the other accepting it.

What are contracts in law?

A contract is an agreement that is legally binding; I A contract is an agreement that is legally binding at one or both of the parties' discretion but not at the discretion of the other party or parties.

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