Which sort of contract requires contractors to provide individual price quotes for all work to be performed?

The correct answer is option 4.

1.) Item rate contract

In an item rate contract, the contractor provides rates for each specific item or unit of work to be performed, and payments are made based on the quantities of each item completed. This allows for a detailed breakdown of costs for different aspects of the project.

2.) Schedule rate contract

A scheduled rate contract is a type of agreement between a buyer and a supplier, typically used in procurement and supply chain management. In this type of contract, the buyer and the supplier agree upon a set schedule of prices for goods or services over a specified period.

3.) Lump sum contract

A lump sum contract is a type of construction contract where the contractor agrees to perform the work for a fixed, predetermined price. In other words, the total contract price is agreed upon before the construction project begins, and the contractor is obligated to complete the project within that budget.

4.) Percentage rate contract

A Percentage Rate Contract (PRC) is a type of contract used in construction and other industries where the contractor is paid a certain percentage of the total cost of the project as their fee. The key feature of a PRC is that the contractor's compensation is based on a percentage of the actual costs incurred during the construction or project, rather than a fixed, lump-sum amount.