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Basic Building and Construction Contract between Owner and Contractor

Nassau New York Basic Building and Construction Contract between Owner and Contractor

Q: What is AIA Document G703?

AIA Document G702 1992, Application and Certificate for Payment, and G703 1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.

Category:

Construction - Contracts

State:

Multi-State

County:

Nassau

Control #:

US-01744BG

Format:

Instant download

Description

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.

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FAQ

The standard form of agreement in this case outlines a set payment amount agreed upon before the project begins. This agreement clarifies what work will be completed for that sum, allowing for predictability in budgeting. The Nassau New York Basic Building and Construction Contract between Owner and Contractor effectively incorporates these terms so that both parties are aware of financial commitments.

The standard form between owner and contractor is typically a contract that provides guidelines for managing building and construction projects. This document includes clauses that cover project specifications, payment schedules, and conflict resolution. The Nassau New York Basic Building and Construction Contract between Owner and Contractor serves as a reliable template for such agreements.

The documents produced by The American Institute of Architects (AIA) are the most widely used standard form contracts in the construction industry. They facilitate communications among all the parties involved in construction, which makes it easier to produce a high quality project in a timely and economical fashion.

4 Types of Construction Contracts Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

AIA Document G702®1992, Application and Certificate for Payment, and G703®1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.

Series: Owner/Contractor greements. This contract is used when project price is based on a 1sum (fixed price). It is suitable for large or complex commercial construction projects.

Two different kinds of groups of contracts are fixed price contracts and cost-reimbursement contracts. Different types of contracts, which are contained within each of these two types of groups, may be used separately or in combination with one another.

The 4 Different Types of Construction Contracts Lump 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.

What are the types of Construction Contracts? Lump Sum Contract. Cost Plus. Contract. Small Jobs. Contract. Large Jobs Contract.

Learn below about the four most common types of construction contracts. Lump 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.