What ia a fixed-price contract?
Fixed-price contracts are the most common form of domestic building agreement which means the builder agrees to perform building work for a fixed sum.
The basics of a fixed price contract
A fixed price contract is the agreement that the price presented will remain the same from the start to the finish of the project.
Can you explain what the Preliminary Process and Preliminary Testing include
The preliminary process involves a 4 Step process:
- Sit down and go through all of our inclusions with your new home sales consultant.
- Complete an onsite evaluation of your block.
- Complete a quotation and attend a quote presentation to go through what your price includes.
- A preliminary agreement is signed and a deposit is taken.
We then complete a site classification, council pre-check, Preliminary Designs and Site Plan. This is all information the bank requires in order to finalise your approval and for us to complete a fixed price contract for you.
If there will be any additional expenses, what may these include?
The only way that your price can go up, is if YOU upgrade something or YOU change something during the build.
Does a fixed price contract allow for variations to the building work during the construction process?
Absolutely! As per your contract you can make changes during the build.
Can all estimates or “provisional sums” for items such as sitework be determined exactly at the time of signing a fixed price contract?
Yes! Fixed price contracts don’t estimate and add varying cost later – Correct pricing throughout the preliminary period keeps your budget on track!
Am I locked in to anything when signing a Preliminary Agreement?
No – this allows us to ensure that everything you want is within budget and on track – we don’t want any nasty surprises during the build so we do our homework first.