"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Georgia Construction Loan Agreements and Variations
Category:
State:
Multi-State
Control #:
US-CLA198
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Word;
PDF;
Rich Text
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How to fill out Construction Loan Agreements And Variations?
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FAQ
Understanding the Important Clauses in a Loan Agreement #1: Fluctuation Of Interest Rates Clause: ... #2: 'Default' Definition Clause: ... #3: Security Cover Clause: ... #4: Disbursement Clause: ... #5: Force Majeure Clause: ... #6: Reset Clause: ... #7: Prepayment Clause: ... #8: Other Balances Set Off Clause:
In Georgia, any claim for breach of contract must be brought within six years of the discovery of the defect under OCGA §9-3-24. Also, any claim for negligent construction or fraud must be brought within four years from the time the claim arises under OCGA §9-3-30.
Keep in mind that unpaid contractors can file mechanic's liens if they are not paid right away. A contract between a contractor and a construction company should state (1) how much the company will pay the contractor for each part of the work, (2) who will pay for the materials, and (3) when payment will be made.
Reasons for canceling a contract include. Lack of professional licensing. Breach of contract. Unfair practices. Fraud.
Georgia doesn't have any specific, statutory requirements for construction contracts. Generally, there are always certain provisions that should be included in a contract, such as a price, schedule, the scope of work, etc. However, there are some specific requirements for certain residential projects.
To constitute a valid contract, there must be parties able to contract, a consideration moving to the contract, the assent of the parties to the terms of the contract, and a subject matter upon which the contract can operate.
Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid. Default terms should be clearly detailed to avoid confusion or potential legal court action.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or. revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.