A New York Subcontract for the Construction of a Portion of a Building with Provisions for Termination for Cause and Retention of Amounts Due to the Subcontractor is a legally binding agreement between a contractor and a subcontractor for a construction project in New York. This kind of subcontract is specifically designed to address the termination of the agreement due to a justified cause, allowing the contractor to complete the work and retain all amounts owed to the subcontractor. This subcontract typically includes the following key provisions: 1. Identification of Parties: The subcontract clearly identifies both the contractor and subcontractor, including their legal names and contact details. 2. Scope of Work: The subcontract outlines the specific portion of the construction project that the subcontractor will be responsible for, along with any associated materials that need to be supplied. 3. Payment Terms: The subcontract details the payment terms agreed upon between the contractor and subcontractor. It specifies the subcontractor's compensation and the schedule of payments, such as progress payments or milestone-based payments. 4. Termination for Cause: This provision defines the circumstances under which the contractor has the right to terminate the subcontract for cause. Valid reasons for termination may include the subcontractor's failure to perform the work as agreed, refusal to comply with project specifications, or repeated breaches of the subcontract. 5. Contractor's Right to Complete Work: If the subcontract is terminated for cause, this provision grants the contractor the right to complete the subcontractor's work. It outlines the process by which the contractor will assume responsibility for completing the remaining work and specifies any changes in compensation or timeframes. 6. Retention of Amounts Due: This provision states that, in the event of termination for cause, the contractor is entitled to retain all amounts due to the subcontractor until the completion of the project. The withheld amounts may be used to cover any additional costs incurred by the contractor due to the subcontractor's termination, such as hiring replacement subcontractors or addressing work deficiencies. It's important to note that there might be different types of New York subcontracts for construction, each with their specific provisions tailored for unique situations. For example, there could be a subcontract for electrical work, plumbing work, or HVAC installation. However, regardless of the type, subcontracts within New York's construction industry often include similar provisions related to termination for cause and retention of amounts due. It is crucial for both parties to carefully review the subcontract and ensure their rights and obligations are clearly defined and understood before signing the agreement.
New York Subcontract for Construction of Portion of or Materials to go into Building with Provisions that upon Termination for Cause Contractor May Complete Work and Retain all Amounts due Subcontractor
Description
How to fill out New York Subcontract For Construction Of Portion Of Or Materials To Go Into Building With Provisions That Upon Termination For Cause Contractor May Complete Work And Retain All Amounts Due Subcontractor?
US Legal Forms - one of many largest libraries of authorized types in America - delivers a wide range of authorized document layouts you can obtain or printing. Using the web site, you can find thousands of types for company and individual functions, categorized by categories, states, or search phrases.You can get the most up-to-date types of types like the New York Subcontract for Construction of Portion of or Materials to go into Building with Provisions that upon Termination for Cause Contractor May Complete Work and Retain all Amounts due Subcontractor within minutes.
If you already have a subscription, log in and obtain New York Subcontract for Construction of Portion of or Materials to go into Building with Provisions that upon Termination for Cause Contractor May Complete Work and Retain all Amounts due Subcontractor from the US Legal Forms library. The Acquire button can look on every single type you see. You have access to all formerly delivered electronically types in the My Forms tab of your own profile.
If you wish to use US Legal Forms the very first time, listed below are basic directions to help you started out:
- Ensure you have selected the best type for your city/county. Click on the Review button to check the form`s articles. Read the type information to ensure that you have selected the appropriate type.
- If the type doesn`t suit your specifications, make use of the Look for discipline near the top of the display to get the the one that does.
- When you are happy with the form, verify your selection by visiting the Get now button. Then, choose the rates program you want and supply your accreditations to sign up for the profile.
- Procedure the transaction. Make use of your bank card or PayPal profile to accomplish the transaction.
- Select the format and obtain the form on your device.
- Make modifications. Fill up, edit and printing and indication the delivered electronically New York Subcontract for Construction of Portion of or Materials to go into Building with Provisions that upon Termination for Cause Contractor May Complete Work and Retain all Amounts due Subcontractor.
Every web template you added to your money lacks an expiry time and is the one you have eternally. So, if you want to obtain or printing yet another duplicate, just visit the My Forms area and click on in the type you require.
Gain access to the New York Subcontract for Construction of Portion of or Materials to go into Building with Provisions that upon Termination for Cause Contractor May Complete Work and Retain all Amounts due Subcontractor with US Legal Forms, one of the most substantial library of authorized document layouts. Use thousands of specialist and condition-distinct layouts that meet up with your small business or individual requires and specifications.
Form popularity
FAQ
But as a general guide, the typical markup on materials will be between 7.5 and 10%. However, some contractors will mark up materials as much as 20 percent, according to the Corporate Finance Institute.
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...?4 Sept 2020
The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.
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.
A contract provision is a stipulation within a contract, legal document, or a law. A contract provision often requires action by a specific date or within a specified period of time. Contract provisions are intended to protect the interests of one or both parties in a contract.
15 Clauses of a Subcontractor AgreementScope of Work. The scope of work section of an agreement lays out all of the project details and what's expected from the subcontractor.Duration of Work.Payment and Billing.Clarify Status.Non-Disclosure.Non-Competition.Work-for-Hire.Insurance.More items...?
Related to Construction Provisions. Construction Agreements means agreements to which Tenant is a party for Construction Work, rehabilitation, alteration, repair, replacement or demolition performed pursuant to this Lease.
The 4 Different Types of Construction ContractsLump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.
The building contract should contain your tender, building specifications, home owners warranty, your house (building) plans, engineering plans, special conditions and the building contract itself. Without all of these documents you should not enter into your building contract.
Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts. As its name suggests, under a fixed price contract a contractor agrees to construct a project for a fixed or agreed upon price.