Different Types of Construction Contract Systems :
Before going into topic of Different types of Construction Contract Systems.Let us clearly know the Definition of Contract and Contract system.
Contract is an undertaking by a person or firm to do any work under certain terms and conditions.This work may be of newly constructed work,maintenance and repairs.Also Some contracts relate to supply of materials,for the supply of labor and for the transport of materials etc.,When we turn our wheel next we get to meet contract system.Let me explain you that in detail now.
In Contract system the work is got done through contractors by owner under certain terms and conditions. Contractor will be responsible for the completion of work as per agreed specification,time and money.If he fails to,he must compensate owner as per signed agreement.
Fig: Different types of Construction Contract Systems
