- An agreement or contract where a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
percentage, cut, contractor fee
Related Terms and Acronyms
- Construction Loan — Definition,
- A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
- Contractor — Definition,
- Someone that agrees to furnish materials or perform services at a specified price.
- One who constructs or oversees construction of a house or a large renovation.
- Custom Builder — Definition,
- A contractor that constructs or remodels houses based on plans submitted by the client.
- General Contractor — Definition,
- The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
- Self-Build Insurance — Definition,
- Insurance that covers a homeowner for problems involved in a construction project.
- Subcontractor — Definition,
- A person or company that does specialty work for a general contractor.