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Material Contract means any contract or other arrangement (other than Loan Documents), whether written or oral, to which any Credit Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.
A Material contract is an agreement with specific terms & conditions between two or more persons or entities or between owner & contractor in which there is a promise to execute or do some work wherein all materials required for the construction are supplied by the contractor.
What is Construction agreement? A construction agreement is a legal document that binds both parties to the agreed terms and conditions. It will mention the Project duration, Cost per sq ft or item, Building materials used, etc.
What Should Be in a Construction Contract?Identifying/Contact Information.Title and Description of the Project.Projected Timeline and Completion Date.Cost Estimate and Payment Schedule.Stop-Work Clause and Stop-Payment Clause.Act of God Clause.Change Order Agreement.Warranty.More items...
Standard Contract Documents in ConstructionContract Drawings and Specifications.Priced Bill of Quantities.Construction Programme.Project Quality Management Plan.Project Health and Safety Plan.Conditions of Contract.Risk Insurance.12-Mar-2010