• Glossary

Contract Type

The form of contract that may be agreed to between Client and Contractor. Typical examples are: Lump sum of services (LS), Reimbursable at fixed rates (RR), Lump Sum/Turn key (LSTK), Converted LSTK (CLSTK). In the latter case, the contract starts off as a reimbursable contract and is then converted into a LSTK contract as soon as a suitable level of definition is achieved.