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A Comprehensive Guide To Types of Builders And Contractors

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Just like construction and renovation needs differ from client to client, contracts and contractors also vary in type. Deciding on one helps the contractors, owners, and suppliers to stay on the same page.

Additionally, having to follow a specific contract type ensures timely, accurate delivery with customer satisfaction. All the work goes according to the plan; however, every kind of contract has its specifications. 

The Different Types Of Contracts To Consider

Signing a suitable contract with the right contractor is critical to the project’s quality of work and timely delivery. Building projects, like those for steel or metal buildings, are a significant investment, and it is imperative that your money is put to good use. 

That is why you must take the time to vet through available contractors and get an ironclad contract with them to ensure the success of your project. 

Each type of contract has its own set of perks and drawbacks. However, the most critical considerations are the scope, budget, schedule, delivery, and teams involved in a project.

  • Lump-Sum Contracts

These entail having a preset price with a clear project scope. Instead of breaking up the project into milestones and pricing each step, the project is priced as one whole before beginning with the work. Bidding in these contracts is simple, and a significant profit margin could be generated if the project is completed under the price. For the owner, this kind of project would bring timely delivery.

However, if the calculations and estimates are even a bit erroneous, the margin of error when setting the price could be enormous. If the costing procedures are inaccurate, there are high chances of the builder suffering a loss. Additionally, if the contractor chooses to outsource a few tasks, any problem will also be accounted for in the preset price. Hence, outsourcing can potentially bring loss to the contractor.

  • Cost-Plus-Fee Contracts

This type of contract brings flexibility for the builder. Only the contractor’s fee is predetermined, while the owner has to pay for the cost that goes into the project accordingly. Profit for the contractor is guaranteed, but the paperwork can be a great hassle. That is why keeping track of all receipts and payments is crucial.

When making this type of contract, classify what sort of costs shall be reimbursed and which ones can be accounted for in the contractor’s fee. 

  • Guaranteed Maximum Price Contracts

This type is a mix of the two types of contracts discussed above. It calls for the owner to fix a cap on the total cost. The owner would bear any additional charges for materials used and would also enjoy any subsequent savings. 

The project scope is clear, and the delivery of work goes on with mutual consensus. The project may even start earlier than scheduled after the cap has been set to ensure timely delivery. 

A pro tip to get the best bargain and ensure timely delivery of the project is to use the savings on the cost to entice the contractor. In fact, split the savings to create a win-win situation for both parties. 

  • Unit-Price Contracts

Rather than binding the contractor for the project’s entirety, this type of contract is divided into separate units.

The contractor may provide the owners with a fixed price for each unit of work. The total amount of work required is not precise, and the owner is at significant risk. These contacts are usually applicable in civil projects. 

The owners are responsible for providing for all additional charges that go into the extra work done. Additionally, the total price of the project can not be known until the job is complete. 

These contacts may not have a designated deadline to abide by as the amount of work required is not measurable, keeping the project scope slightly unclear in terms of daily tasks.

Conclusion 

The complexity and expenses incurred by a project determine the type of contract that is the most suitable. It is best to consult with several builders and contractors before signing a contract with any one of them.

The correct cost estimates and realistic deadlines can only be set once you get in touch with contractors who care about your budget and time.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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Lifestyle

Wisdom and Youthful Energy Combined: Tax Attorney Lance R. Drury

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Research done by The American Psychological Association indicates that the average person starts feeling old at the age of 47. This was the most cited age in a survey of 2,000 Americans over 40, with respondents also noting that they begin to worry about age-related bodily changes around the age of 50. Concerns about mental decline and memory loss are prevalent, with a significant percentage of participants expressing fears about their cognitive health deteriorating as they age. Interestingly, fewer people are concerned about losing their youthful looks compared to worries about mental sharpness and staying socially connected.

But at the young age of 70, Tax Attorney at Law Lance R. Drury embodies the belief that age is just a number — not a measure of one’s capabilities. With a career spanning several decades, the spunky lawyer continues to defy societal expectations, showcasing that one can maintain both wisdom and youthful energy well into their later years. Drury’s happy-go-lucky, quick-witted personality offers a refreshing perspective in a world where age often dictates one’s pursuits and achievements.

Lance R. Drury is the founder of the Law Office of Lance R. Drury, a firm renowned for its exceptional tax resolution services. With over 35 years of legal experience, his practice specializes in tax planning, litigation of tax disputes, and negotiation of settlements with tax authorities. Drury’s personalized approach to each case ensures that clients receive strategies tailored to their unique situations.

His offices are located in Ste. Genevieve and St. Louis in Missouri, Nashville in Tennessee, and most recently, San Antonio in Texas. Drury’s practice emphasizes understanding clients’ specific needs and navigating the complexities of tax law to provide clear, actionable solutions. Through his dedicated work, he built a longstanding reputation for his legal acumen and commitment to upholding the highest standards of the legal profession, ensuring that each client receives attentive and effective representation.

We sat down with Drury to discuss his perspective on age and how it influences his dynamic approach to life and work.

All In Your Head

Drury’s response to the question of retirement was profound.

“People often suggest I should retire,” he shared. “But staying active keeps my mind sharp and my spirit youthful.”

His days are filled with interactions that span generations, which he believes keep his mind young and engaged.

“Age is just a sequence of numbers that has no bearing on what you can achieve. The only limits are the ones you set for yourself,” Drury emphasized.

Maintaining Purpose and Connection

Drury highlighted the importance of maintaining a sense of purpose. While retirement for some means relaxation and leisure, for Drury, it’s about continual engagement and growth.

“You don’t retire from life; you move towards new opportunities,” Drury pointed out. “It’s essential to keep forging connections and pursuing goals that keep you connected to the world around you.”

He actively engages with people daily, from colleagues to younger individuals, enriching his social life and broadening his perspectives. This engagement, he noted, is key to feeling connected and vibrant.

The Psychological and Social Benefits of Staying Active

Staying engaged in work and social activities has profound effects on mental health. Drury observed that his professional engagements keep his mind sharp and give him a sense of purpose every day. This routine, he suggested, can benefit everyone, regardless of age. The social interactions that come with staying active help prevent the loneliness and isolation often associated with aging.

“Staying active is crucial for keeping your mind sharp and your spirit engaged,” Drury noted.

A Rebellious Stance on Aging

Drury’s approach is rebellious. Especially in the field of law, defying societal expectations that dictate slowing down with age is unexpected. He finds liberation in continuing his work and enjoying life on his terms. This rebellious stance is about acknowledging the aging process while embracing it with vigor and a clear sense of purpose.

“Rejecting the typical narrative of aging doesn’t mean denying the process of growing older. It means embracing it with enthusiasm and a resolve to live fully every day,” Drury passionately shared. “I encourage others to live joyfully and defiantly, irrespective of age.”

Drury’s narrative is a powerful reminder that age should not limit our dreams or capabilities. Whether it’s continuing a career, engaging with diverse social groups, or simply finding new reasons to enjoy each day, his life exemplifies the power of living without age boundaries. Drury’s advice encourages us to look beyond societal expectations and craft a life filled with engagement, purpose, and connection, no matter how many years we have lived.

In a world that often equates aging with decline, Lance R. Drury stands out as a beacon of enduring vitality and purpose, inspiring all of us to rethink what it means to grow older!

About The Law Office of Lance R. Drury

The Law Office of Lance R. Drury, founded in 2006, has been a leading legal practice in Ste. Genevieve, Missouri, St. Louis, Missouri, San Antonio, Texas, and Nashville, Tennessee specializing in tax law matters. With over 35 years of experience, Lance is a nationally-recognized tax resolution attorney providing innovative solutions to IRS tax dilemmas with a team that is dedicated to providing clients personalized and effective solutions for tax planning, dispute litigation, and tax resolutions. For more information, please visit https://www.lancedrurylaw.com/ 

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