A building and construction contract must fulfill the same requirements as any other type of contract in regard to matters such as offer and acceptance, sufficiency of consideration, certainty, and the like. 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 following is a checklist of matters that should be considered when drafting a building and construction contract:
1. Parties and their names and addresses,
2. Statement of agreement to enter into contract.
3. General description of project.
A. Location.
B. Nature of project.
C. Scope of project.
4. Name and address of architect or engineer.
5. Contract price.
6. Payment of contract price.
A. Progress payments.
B. Final payment.
7. Contract documents.
8. Plans, drawings, specifications, modifications and change orders.
Agreement for the Construction of Building
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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.
5 Key Elements Every Construction Contract Should Contain 1) 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.
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.
Elements of a construction contract Name of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.
4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.