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Contract
Contract in the construction field is a legally binding agreement between two or more parties—typically the client (owner) and the contractor—outlining the terms and conditions for executing a construction project. It specifies the scope of work, project timeline, payment terms, materials, quality standards, responsibilities, and legal obligations of all involved parties. Contracts may also include clauses for dispute resolution, penalties for delays, and procedures for changes or termination. Common types include lump sum, cost-plus, and time-and-material contracts. A well-drafted construction contract ensures clarity, accountability, and legal protection, helping to prevent misunderstandings and manage risks throughout the project lifecycle.