A Puerto Rico 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 and a contractor in Puerto Rico. This contract outlines the terms and conditions for the construction of a building, including the responsibilities of both parties involved. The Puerto Rico Contract for Construction of Building typically includes the following key elements: 1. Parties: The contract specifies the names and addresses of both the property owner (referred to as the "Owner") and the contractor (referred to as the "Contractor"). It should also mention any intermediaries or representatives acting on their behalf. 2. Scope of Work: The contract clearly defines the scope of the construction project, detailing the specific building work to be performed by the Contractor. This includes the construction plans, specifications, and any additional documents identified as part of the "Enumerated Contract Documents." 3. Duration and Timeline: The contract specifies the start and end date of the construction project, along with any milestones or deadlines to be met. It may also include provisions for extensions of time due to uncontrollable circumstances, such as weather delays. 4. Payment Terms: The contract outlines the agreed-upon compensation for the Contractor's services, along with the payment schedule. This may include progress payments based on completed work stages or specific deliverables, as well as retention or hold back amounts until project completion. 5. Safety and Compliance: The contract ensures that the construction work complies with all relevant Puerto Rico building codes, permits, regulations, and industry standards. It defines the responsibilities of both parties regarding safety measures, insurance coverage, and liability for any accidents or damages that may occur during construction. 6. Changes and Modifications: The contract may include provisions for handling changes, variations, or modifications to the original construction plans or specifications. This may involve procedures for submitting change orders, pricing adjustments, and obtaining written approvals from the Owner. 7. Dispute Resolution: The contract should outline the procedures for resolving any disputes or claims that may arise during the construction process. It may require parties to engage in mediation, arbitration, or litigation based on the agreed-upon dispute resolution mechanism. 8. Termination: The contract specifies the conditions under which either party can terminate the agreement, including default, non-performance, or breach of contract. It may also define the consequences of termination, such as payment adjustments or penalties. It is important to note that specific types or variations of the Puerto Rico Contract for Construction of Building may exist, depending on the project's unique requirements, size, complexity, or funding source. For example, there may be distinct contract templates for government-funded projects, private developments, or commercial buildings. These variations may have additional clauses or provisions relevant to their specific context.
Puerto Rico 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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One of the essential elements for a contract to be considered valid is consideration. Consideration can be monetary or it may take the form of a promise to carry out a particular act (such as services, money, etc.). Duration of Payment: Time based payments every 30 days, 45 days, etc.
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.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
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...?
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
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...
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.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors.
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.