General contractors: how much do they cost?

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General contractors: how much do they cost?
In case you don't know, general contractors are the type of contractors that will handle any type of projects from the beginning to the end. They supervise the tasks and bring together all the workers needed for the different phases of a specific project. In order to do so, they hire a series of sub-contractors. A general contractor commonly has different deals and agreements with many sub-contractors, although some general contractors might have their own team of employees, paying them at an hourly rate. The contractors that have their own team usually employ people that are specialized in many trades in order to efficiently cover all the stages of any kind of task.
In case you are wondering which is a general contractor cost, you must know that there are three kinds of contracts in this business: fixed price contracts, time and materials contracts and costs + fees agreements. Each type of contract is different and has its advantages and drawbacks for the client, according to the type and size of the project you have in mind.
The first type of contract we are going to discuss is the fixed price contract. As its name states, this contract begins with a bid from the contractor, accepted by the client. The sum of money agreed upon is presumed to remain the same until the end of the task. In the case of smaller projects, this formula in efficient, but for larger, more complex projects, it is extremely unlikely to maintain this fixed price, because a lot of changes can happen.
The 2nd type of contract, the time and material contract, is a document that contains the hourly charges for the workers, the fees for the materials used and the mark-up of various sub-contractors that might be needed for the different stages of the project. So, if your plans change and you add work to the project, the time increases and the expenses will grow. This kind of contract has its disadvantages, particularly for the client. If you don't employ a credible, dependable and truthful contractor, you may lose some money, because any extra time spent on the job is paid from your pocket.
The 3rd type of contract, cost + fee contract, works the other way around. This contract has the costs of the materials and a fixed fee for the general contractor, which means that they are interested in finishing the job as efficiently and quickly as possible.