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NHS 3902:2004 Housing, alterations and small buildings contract Questions and answers on the new electronic Contract Agreement form NHS 3902 provides a standard form of building contract suitable.
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Employments FAQ
A contract is between two parties, generally the building owner (or the owner's agent) and the builder or contractor who is going to do the work. It is a legally binding agreement between the parties involved in the building project, confirming that the contractor will complete the work and the owner will pay for it.
A fixed price or lump sum contract sets a total fixed price to be paid for the construction. The owner agrees to pay a fixed price and the contractor agrees to complete the project for the fixed price.
5 Key Elements Every Construction Contract Should Contain 1) The project's scope. ... 2) The cost and payment terms. ... 3) The project's time frame. ... 4) Protection against lien law. ... 5) Dispute resolution clauses.
The Construction Contracts Act provides you with a fast-track adjudication process for disputes under your construction contract. This includes disputes about: payments. rights and obligations.
There are five key elements of a valid contract; a clear offer, unequivocal acceptance, adequate consideration, an intention for all parties to enter into legal relations and certain terms.
The Construction Contracts Act 2002 The Act: protects retention money withheld under commercial construction contracts. helps to ensure a fair, balanced and timely payment regime. provides a fast and cost-effective adjudication process for people with disputes.
You must have a written contract for residential building work worth $30,000 or more (including GST). As well as the contract, the contractor must give you a disclosure statement and a standard checklist with information about the building process.
The crucial point is that in a Build-only contract, the owner remains in control of the project's design. The owner will engage design consultants to design the project in detail. Then appoint a builder to construct that design.
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