A building and construction contract must fulfill the same requirements as any other type of contract in regard to the following necessary elements:
" an agreement;
" between competent parties;
" based upon the genuine assent of the parties;
" supported by consideration;
" made for a lawful objective; and
" and in the form required by law.
Such a contract generally provides not only for the construction of the project, but also for many matters that are incidental to the project. Thus, it may provide for the carrying of liability, workers' compensation, and fire insurance policies, designating which party is responsible for obtaining particular insurance. A building and construction contract will typically specify the duties, responsibilities, and liabilities of each of the parties, as well as those of any employed architect or engineer. The amount and method of compensation is, of course, an important part of such a contract.
The Oklahoma Basic Building and Construction Contract between Owner and Contractor is a legally binding agreement that outlines the terms and conditions for a construction project in the state of Oklahoma. This contract serves as a comprehensive document that ensures a smooth and transparent working relationship between the project owner and the contractor. The contract covers various aspects of the construction project, including project scope, timeline, budget, responsibilities, and dispute resolution mechanisms. It sets clear expectations for both parties involved, ensuring that the construction project proceeds in a systematic and organized manner. Here are some key elements typically found in the Oklahoma Basic Building and Construction Contract between Owner and Contractor: 1. Parties Involved: The contract clearly identifies the owner and the contractor, including their legal names, addresses, and contact information. 2. Scope of Work: It provides a detailed description of the project, including the specific tasks to be performed, materials to be used, and any applicable plans, drawings, or specifications. 3. Schedule and Timeline: The contract specifies the start and completion dates of the project, along with any milestones or deadlines for key deliverables. 4. Payment Terms: This section outlines the agreed-upon payment terms, including the contract price, payment schedule, and any provisions for change orders or additional costs. 5. Changes and Modifications: It defines the process for making changes to the original scope of work, including owner-requested changes, contractor-initiated changes, and the associated procedures for approval and cost adjustments. 6. Insurance and Liability: The contract addresses the insurance requirements for the contractor and may require them to provide evidence of insurance coverage for the duration of the project. It also outlines the liability and indemnification obligations of both parties. 7. Quality Control and Inspections: It details the quality standards to be followed throughout the project and establishes procedures for inspections, testing, and acceptance of completed work. 8. Termination and Dispute Resolution: The contract specifies the conditions under which either party can terminate the agreement. It also outlines the procedures for resolving disputes, such as mediation or arbitration. In addition to the Oklahoma Basic Building and Construction Contract, there may be variations or additional types of contracts based on the specific nature of the construction project. Some variations may include: — Oklahoma Residential Construction Contract: specifically tailored for residential construction projects, including new home construction, remodeling, or renovations. — Oklahoma Commercial Construction Contract: designed for commercial construction projects, such as office buildings, retail spaces, or industrial facilities. — Oklahoma Government Contract: structured to meet the requirements and regulations associated with construction projects contracted by government entities, such as state or local government agencies. Each type of contract may have its own specific clauses and provisions that cater to the particular needs and complexities of the project type.
