Describe the following types of contract:large contract,medium sized contractors, small contractors,Tum key,lump sum, schedule of rates contract, contract without bills of quantity?

- Large contract: A large contract typically involves a significant amount of work and a high value. These contracts are usually awarded to established companies with a proven track record of successfully completing similar projects.

- Medium-sized contractors: Medium-sized contractors are companies that fall between small contractors and large contractors in terms of size and capacity. They are typically able to take on projects of moderate size and complexity.

- Small contractors: Small contractors are typically smaller companies with limited resources and capacity. They may specialize in specific types of work or projects of smaller scale.

- Turnkey contract: A turnkey contract is a type of contract where the contractor is responsible for completing the entire project from start to finish. This includes design, construction, and any other necessary tasks.

- Lump sum contract: A lump sum contract is a fixed-price contract where the contractor agrees to complete the project for a specified amount of money. This type of contract is commonly used for projects with well-defined scopes of work.

- Schedule of rates contract: A schedule of rates contract is a type of contract where the contractor is paid based on a pre-determined schedule of rates for different types of work or materials. This allows for greater flexibility in pricing and can be beneficial for projects with uncertain scopes of work.

- Contract without bills of quantity: A contract without bills of quantity is a type of contract where the scope of work is not clearly defined or quantified. This can make it more challenging to accurately estimate costs and can lead to potential disputes between the parties involved.

Large Contract:

- Typically involves complex projects with a substantial budget and long-term scope.
- Requires extensive planning, coordination, and resources.
- Often involves multiple subcontractors and suppliers.
- May include a variety of contract types, such as lump sum or schedule of rates.

Medium-Sized Contractors:

- Handle projects with moderate budgets and a medium-term scope.
- Have a skilled workforce and a range of experience in specific industry sectors.
- May specialize in particular construction types (e.g., commercial, residential, infrastructure).

Small Contractors:

- Engage in projects with smaller budgets and a limited scope.
- Typically have a smaller workforce and specialize in specific niche areas.
- May provide services such as renovations, repairs, and maintenance.

Turnkey Contract:

- A comprehensive contract where the contractor is responsible for the entire project from design to completion.
- The contractor assumes full responsibility for all aspects of the project, including planning, execution, and handover.
- The client pays a single price for the entire project.

Lump Sum Contract:

- A fixed-price contract where the contractor agrees to complete the project at a predetermined cost.
- The contractor assumes the risk for any cost overruns or unexpected expenses.
- The client pays the lump sum upon project completion.

Schedule of Rates Contract:

- A contract where prices for individual items or work units are specified in advance.
- The contractor is paid based on the actual quantities of work completed.
- Allows for flexibility in adjusting the project scope and budget as needed.

Contract Without Bills of Quantity:

- A contract based on a broad outline of the project's requirements.
- The contractor provides a general price estimate rather than detailed unit prices.
- The client accepts the risk associated with potential cost overruns.