Final answer:
A Unit Price Contract requires the owner/architect to compile a list of total quantities and the contractor to provide a price per unit for supply and installation.
Step-by-step explanation:
The type of contract that requires the owner/architect to compile a list of total quantities as well as the contractor to provide price per unit to supply and install is called a Unit Price Contract. In a Unit Price Contract, the owner/architect provides a detailed list of quantities of the materials or work required, and the contractor submits their price per unit for supplying and installing each item.
For example, in construction projects, a Unit Price Contract may be used when the exact quantities of materials or work cannot be determined in advance, such as in excavation or demolition work.
The contractor will price each unit of work, such as per cubic yard of excavation or per square foot of demolition, and the final payment will be based on the actual quantities of work performed.
This type of contract is beneficial when there is uncertainty regarding the scope of work and allows for greater flexibility in adjusting the quantities and prices as the project progresses.