Residential Construction F.A.Q.

With 25+ years in the business, we have streamlined every aspect of the process from vision to completion with hundreds of clients. We have learned that involving us as early as possible is paramount to the success of your build. Here’s why:

1. The earlier that we are involved in the process the more we can help with site selection, and design. We are able to provide cost information and value engineering as the plans are being developed as well as giving input on new products and methods that are constantly coming available in the industry. This helps to ensure that the project is both financially and realistically feasible.
2. We can help with the selection of a site, and designer that will marry well with the design expectations and budget of our client
3. Being involved in the design process allows us to use our expertise to help the designer design within the budget anticipated avoiding design costs for a design that will never be built.
4. Estimating the budget at several stages of the design process makes for a final budget that is the result of the collective efforts of the owner, designer and builder.
5. Meeting regularly to review the design, anticipated budget and specifications of the project.
6. The more detailed the drawings and specifications the more accurate the budget, enabling the project to be better managed and better controlled. Creating a more successful project for all parties.
7.  A contract is signed with Cat’s Eye Contracting based on the budget created from the drawings and information available at the time of signing.
8. Submit plans (and engineering reports if necessary) to municipality for approval and building permits.

There are basically two types of construction contracts – a Lump Sum Contract and a Time and Material Contract. Various hybrids have evolved over the years trying to address the weaknesses of each. For all the options that have been invented there is still no perfect construction contract.

Lump Sum Contract

While a lump sum contract appears to be the 'safest' from an owners point of view, it requires an enormous amount of preliminary work to ensure that the scopes, requirements (both municipal and professional) and expectations are clearly and contractually established. Costs can be significantly inflated to offset the burden of risk. Work or material that is not specified, or requests by the municipality or professionals not known at the time of bidding will also lead to extra costs to the contract.

Time and Materials Contract

A time and materials contract is often negotiated when site conditions, job status and specifications have not clearly been identified. Based on the drawings available and some assumptions of the conditions we can create a preliminary cost summary that will be reset once the owner and the contractor have had the time to identify all line items, requirements, and specifications to the satisfaction of all parties. This reset budget can be in the form of a lump sum contract or a time and material contract (a hybrid that we could craft together).