Contract Types\n\n- Lump sum / stipulated sum — fixed price; contractor carries cost risk.\n- Cost-plus — owner pays actual cost plus a fee.\n- GMP (guaranteed maximum price) — cost-plus with a cap.\n- Time & materials — billed by labor + materials.\n- Unit price — priced per unit of work.\n\nThe contract type sets who carries the risk — choose it deliberately.

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Hello, and welcome. This is Super Structures General Contractors — a national general contractor headquartered in Powhatan, Virginia — here to help you and your clients build something that lasts. We're glad you're with us, and we look forward to connecting with you.

Here's one that matters more than its name lets on — Contract Types & When to Use Them. If you remember one thing, make it this: The contract type decides who carries the cost risk — choose it on purpose. Do this right and it shows up in your work, your reputation, and your paycheck.

In Practice

A homeowner wants a fixed price but the scope keeps changing — a lump-sum contract would bury you in losses. A cost-plus or time-and-materials arrangement fits uncertain scope. Match the contract type to the job.

Common Mistakes to Avoid

• Using lump-sum on an undefined scope
• Not understanding who carries the cost risk
• Signing a contract type you don't understand

Takeaway: The contract type decides who carries the cost risk — choose it on purpose.