2014•Applied Mechanics and MaterialsOpen access

Study on Adjusting Contract Sum of Construction Projects from Contract Status Compensation Perspective

Wu Song, Mei Ling Wang

Abstract

The initial contract status was formed when the contract was signed, firstly, this paper analyzed necessities of adjusting contract sum and practicable routes that could be followed for classifying and compensating contract status; which was initiated under three contract types, lump sum contracts, unit rate contracts and cost plus contracts for balancing the rights and obligations for both contract parties and aims to provide a reference for pushing forward construction progress smoothly.

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Available abstract

Key concepts: Contract management, Exclusion clause, Compensation (psychology), Business, Forward contract, Lump sum, Perspective (graphical), Unit (ring theory)