House Construction With Material Agreement
If you do not pay according to the date indicated in the agreement, you can pay the fine. Similarly, the contractor is required to pay a penalty if he has not completed the project within the expected time frame. Even if the cost of different types of raw materials increases, the contractor should comply with the contract and it should be delivered on schedule. The total cost of the building — Rs. 70.67,000 (five thousand rupees only) (Fill the total cost of the building) work relating to the entire construction of this building according to the architectural and structural designs and according to the elements indicated and signed in the calendar (Fill the date of the signature). (Any additional work is paid for at the above rates). There should be no conflict in the payment method. The method of payment can be made in cash, cheques or electronic transfers in accordance with the reciprocal agreement. The law of the land should be respected so that there are no problems. You can cancel the payment at the end of the month.
If you are unable to pay large bills at a time, you can negotiate with the contractor to have the bill paid in increments. The frequency of payments and the volume of payments need to be clarified. 2. The owners undertake to start construction within a fortnight of the execution of these gifts and the construction work at the end or before the expiry of the …………… months from the date of execution of these gifts in accordance with the plans duly approved and sanctioned by the Municipal Society of ………………………………… The specifications and conditions in Schedule A are included. Cost or cost-plus: In a cost-plus contract, the owner reimburses the contractor for all costs incurred during construction, such as equipment and work. The owner also pays an agreed profit margin, usually a flat fee or a percentage of the total cost. 3. If the owners do not complete this work within the time frame set out in the above provision, the owners pay on the owner`s choice, but without prejudice to the other legal rights of the owner and other provisions of the owner, damages liquidated to the tune of Rs………. per day (but subject to a ceiling of 2% of the total amount of the contract payable by the owner under this agreement) for the period between the specified period for completion of the work.
The owners expressly agree and authorize the owner to deduct, if necessary, from such liquidated damages from a staggered payment due and to pay to the owners within the meaning of this agreement. a) All materials and treatments must be the best of each type and be described in calendars. The architect`s decision regarding the sets, quantities and scope of the material and treatment is final and binding for the contractor. Specific marks indicated according to the attached schedule. If you want to rent or resell your property after the work is completed, create a custom rental contract or a real estate purchase agreement.