General contractors: how much money do they cost?

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General contractors: how much money do they cost?
Just in case you don't know, general contractors are the kind of professionals that will deal with any kind of jobs from the start to the end. They supervise the tasks and put together all the employees needed for the several phases of a specific job. To do so, they hire a number of sub-contractors. A general contractor typically has several deals and agreements with a lot of sub-contractors, even though a few general contractors might have their own team of employees, compensating them at an hourly rate. The contractors that have their own team typically employ people that are specialized in many fields in order to effectively address all the levels of any type of task.
Just in case you're asking yourself which is a general contractor cost, you must know that there are 3 kinds of agreements in this business: fixed price agreements, time and materials agreements and costs + fees agreements. Each kind of contract is different and has its benefits and drawbacks for the customer, based on the type and overall size of the task you have in mind.
The first kind of agreement we're going to discuss is the fixed price agreement. As its name states, this contract begins with a quote from the service provider, approved by the customer. The amount of money decided upon is expected to stay the same until the completion of the task. When it comes to smaller sized jobs, this method in effective, but for bigger, more intricate jobs, it's extremely unlikely to preserve this fixed price, since a great deal of changes can happen.
The 2nd kind of agreement, the time and material contract, is a document which contains the per hour fees for the employees, the fees for the building materials used and the mark-up of different sub-contractors that might be required for the various phases of the job. And so, if your plans change and you include extra work to the job, the time increases and the expenses will grow. This kind of contract has its drawbacks, particularly for the customer. If you do not work with a credible, dependable and truthful professional, you may lose some money, since any extra time spent at work is paid from your pocket.
The 3rd kind of agreement, cost + fee contract, works the other way around. This agreement has the costs of the materials and a fixed charge for the general contractor, meaning that they are interested in completing the job as effectively and rapidly as feasible.