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2. Change order - Wikipedia

   en.wikipedia.org/wiki/Change_order

   Purpose. A change order is work that is added to or deleted from the original scope of work of a contract. Depending on the magnitude of the change, it may or may not alter the original contract amount and/or completion date. A change order may force a new project to handle significant changes to the current project.

3. Changes clause - Wikipedia

   en.wikipedia.org/wiki/Changes_clause

   Cardinal Changes (Significant Changes) clauses are the source of a significant number of disputes arising from government contracts. The clause, which has appeared in nearly every U.S. government contract for over 100 years, gives the government the power unilaterally to order contractual modifications. [1] If the parties are unable to agree on ...

4. Engineering change order - Wikipedia

   en.wikipedia.org/wiki/Engineering_Change_Order

   Engineering change order. An engineering change order (ECO), also called an engineering change notice (ECN), engineering change (EC), or engineering release notice (ERN), is an artifact used to implement changes to components or end products. The ECO is utilized to control and coordinate changes to product designs that evolve over time.

5. Schedule of values - Wikipedia

   en.wikipedia.org/wiki/Schedule_of_values

   A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable. See the executed contract agreement for ...

6. Guaranteed maximum price - Wikipedia

   en.wikipedia.org/wiki/Guaranteed_Maximum_Price

   Guaranteed maximum price. A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, limited to a maximum price. The contractor is responsible for cost overruns greater ...

7. Contract - Wikipedia

   en.wikipedia.org/wiki/Contract

   Contract law. A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [1] to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract ...

8. Equitable adjustment - Wikipedia

   en.wikipedia.org/wiki/Equitable_adjustment

   Equitable adjustment. An equitable adjustment, in government contracting, is a contract adjustment pursuant to a changes clause, to compensate the contractor expense incurred due to actions of the Government or to compensate the Government for contract reductions. An equitable adjustment includes an allowance for profit; clauses that provide ...

9. Lump sum contract - Wikipedia

   en.wikipedia.org/wiki/Lump_sum_contract

   A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1] This type of contract requires a full and ...