Building Construction Contract Agreement Sample
Amount of lump: Also known as the traditional “fixed price” contract, this is the most common price for construction contracts. In a lump sum contract, the parties agree on a fixed price based on the contractor estimating the costs of a complete and final project. Lump-sum contracts take into account all materials, subcontracting, work, indirect costs, profits and more. The total area of the building is 4004 Sft (Fill Total Area). Therefore, 4004X1750 Rs. 70.07,000 (Seventies Lakhs only seven thousand) Information on the type of materials used for construction should be included in the agreement. a) All materials and treatments must be the best of each type and be described in calendars. The architect`s decision regarding the sets, quantities and scope of the material and treatment is final and binding for the contractor. Specific marks indicated according to the attached schedule. The inclusion of a liquidation clause is not without risks. The agreed amount may not be sufficient to cover the entirety of the damage suffered by the owner. Or perhaps larger than the amount ordered by a court.
However, with a liquidated compensation clause, the owner can be assured of recovering a certain amount for construction delays and the contractor may limit his exposure. If you do not pay according to the date indicated in the agreement, you can pay the fine. Similarly, the contractor is required to pay a penalty if he has not completed the project within the expected time frame. Even if the cost of different types of raw materials increases, the contractor should comply with the contract and it should be delivered on schedule. 2. This contract is based on one square metre. The cost per square metre of built area is Rs. 1750 (only seven hundred and fifty) (filling with cost). The square metre should cover all built-up areas, including balconies and utilities. Sit-outs and passages are calculated at 200 Rs per sft.