A New York Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legally binding agreement between a property owner or developer (referred to as the "owner") and a contractor. This type of contract outlines the terms and conditions under which the contractor will provide all the necessary materials, labor, and services to complete the construction project. The New York Contract for Construction of Building includes several key elements that are essential for a successful construction project, such as: 1. Parties involved: The contract clearly identifies the owner and the contractor, stating their legal names and addresses. 2. Scope of work: The contract details the specific work to be performed by the contractor. This includes construction plans, blueprints, drawings, specifications, and any other contract documents that describe the project requirements. 3. Materials and equipment: The contractor is responsible for procuring and supplying all the required materials, tools, and equipment necessary for the project. 4. Timeline and milestones: The contract establishes a clear timeline for completion of the project, including specific milestones or deadlines for key project phases. 5. Payment terms: The contract outlines the agreed-upon compensation for the contractor, such as a lump sum, unit price, or cost-plus fee structure. It specifies the payment schedule, including any retain age or hold back provisions. 6. Change orders: The contract should address the process for handling any changes or modifications to the original scope of work. It should outline procedures for documenting and approving change orders, including any adjustments to the contract price and timeline. 7. Insurance and liability: The parties' responsibilities and obligations regarding insurance coverage, indemnification, and liability are typically included in this section of the contract. 8. Dispute resolution: The contract may include provisions for resolving disputes, such as mediation or arbitration, rather than resorting to litigation. There are different types of New York Contracts for Construction of Building, depending on the project scale, complexity, and specific requirements. For example: 1. Lump Sum Contract: This is the most common type of contract, where the contractor agrees to complete the project for a fixed total price. 2. Cost-Plus Contract: In this contract, the owner pays the contractor for the actual cost of labor, materials, and equipment, plus a fee or percentage for overhead and profit. 3. Unit Price Contract: This type of contract specifies a unit price for each item or component of work. The total payment is determined by multiplying the unit price by the quantities of each item. 4. Guaranteed Maximum Price (GMP) Contract: This contract sets a maximum price for the project, beyond which the contractor is responsible for any additional costs. In conclusion, a New York Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a crucial document that establishes the rights, obligations, and expectations of both the owner and the contractor. It serves as a comprehensive framework for successful completion of a construction project while ensuring clarity, accountability, and legal protection for all parties involved.
New York Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents
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Three Common Construction ContractsFIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts.COST PLUS.GUARANTEED MAXIMUM PRICE.
The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.
Three Common Construction ContractsFIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts.COST PLUS.GUARANTEED MAXIMUM PRICE.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
It is important to include a description of the payment process in the contract, including the timing, documents required, approval process, and the terms of final payment. This clause should contain language about how often payments are to be made on an on-going project.
The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.
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...
Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?
On the basis of validity or enforceability, we have five different types of contracts as given below.Valid Contracts.Void Contract Or Agreement.Voidable Contract.Illegal Contract.Unenforceable Contracts.
The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.