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This is similar to the lumpsum contract except the schedule of

rates is also included in the contract agreement. In this type of


contract, the contractor offers to do a particular work at a fixed sum
within a specified time as per plans and detailed specifications. The
schedule of rates for various items is provided which regulates the
extra amount to be paid or deducted for any additions or deletions
made during the progress of work. Measurements of different items
of original work are not required but extra items are required to be
measured for payment. The original work shall however be checked
and compared with the drawings and specifications.
Suitability
This type of contract is more suitable for construction works
for which contractors have prior work experience and can
consequently estimate the project cost more realistically.