What Is A Contract Agreement?
When it comes to a construction project, a contract agreement template is essential to help you write a neat contract between the clients and other parties that are allowed to get involved in the construction process. However, the agreement itself is executed by the owner of the project and also the contractor or the supplier that provides the services or products.
What The Elements Should Be Available In The Contract Agreement Template?
Our templates consist of a complete section which will help you detail some aspects. The sections include:
- Project description – This describes the project including the description and the ideas as well as the problem that should be repaired. In short, it is the summary of the project what will be done.
- Contract price – This section explains about the total cost of the service. However, deductions and additions are possible and this agreement should explain this term in clearly. However, there are so many schemes that can be negotiated between the clients and the contractors.
- Payment Basis – This is about how the payment will be completed. Do the clients need to put a deposit or pay it completely. Or, maybe the clients need to pay the service monthly, whatever both parties preferred. Besides, mentioning the penalty for being late in paying the payment needs to be mentioned too.
- Schedule – Even though service is the hardest thing to do, the schedule should be set up. Estimate the total days of the project needed to be finished. This should be mentioned in detail whether the weekdays and holidays will be counted or not.
- Contract document list – List all of the contract files from specs, exhibits, drawings and also the conditions. This will help both parties avoid unnecessary dispute.
- Construction Scope – Describe all the activities that are included in the service. Typically the scope should be able to be measured.
- Responsibilities and Construction Conditions – Explains the conditions and the responsibilities of the owners and the contractor. It contains arbitration rules, penalties of withholding, liens, specific instructions and also disputes.
- Contract Laws -This section explains about the insurance, claims procedures, substantial completion requirements, liquidated damages, and final completion. This sections also explains how to terminate the project.
Why Is A Contract Agreement Essential?
The contract agreement is an essential thing to have before making a deal because this document will give a clear explanation about the service to both clients and the contractor have the same expectation. Besides, it is very important for the contractor and the owner to understand the scope and limitation of the project. Additionally, certain details like payment method and special instruction will be easier to notice once both parties understand each other.
Having a contract agreement template will help you write down the contract neatly and effectively. This will help you write down details so your clients will understand and have the same expectation. This template consists of some sections from the duration of the work, termination clauses, terms of the agreement, penalty, compensation, warrants, liabilities, etc.
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