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You basically need to define the scope of work, the deliverables, define things like who pays for materials, completion date and what happens when changes/modifications are made. Is there a concept design/blueprint or are you designing it? Is there an exit clause for both the contractor and client? If contract is terminated by either party, what happens?
Are you building it from treated lumber and the client expected it to be built from bristle cone pine and balsa?
I agree that this is a very good exercise in things you'll be dealing with in real life business.
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