Construction Contract: A legal document which specifies the details of a construction project. A good construction contract will include (1) the contractor’s registration number; (2) a statement of work quality such as ‘Standard Practices of the Trades’ or ‘according to Manufacturers Specifications’; (3) a set of blue prints or plans; (4) a construction timetable including starting and completion dates; (5) a set of specifications; (6) a fixed price for the work or a time and materials formula; (7) a payment schedule; (8) any allowances; (9) a clause which outlines how any disputes will be resolved; and (10) a written warrantee.

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