Contracts
What is a fixed price building contract?
Short answer
A fixed price building contract sets the total build price when you sign, subject only to specific written variations. It shifts material and labour risk from you to the builder. In SA, the HIA Fixed Price Contract is the industry standard for residential new builds. Beware "fixed-price" contracts that carry heavy provisional sums or open-ended cost-escalation clauses - those aren't truly fixed.
Building contracts can be full of hidden traps and confusing jargon. In this episode, we break down the five clauses that trip up most homeowners - covering prime costs, provisional sums, payment schedules, special conditions, build time frames and utility connections.
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