LETTER OF INTENT FOR CONSTRUCTION
TO: FROM: DATE: SUBJECT: Letter of Intent
Dear ___________: ______________ ("Owner") proposes to accept from _____________, ("Contractor"), the bid it submitted in the amount of $_____________ to construct a commercial building consisting of approximately _________ square feet located at ___________________________. This Letter of Intent ("Letter of Intent") sets forth the general terms of the proposal. The provisions hereof shall serve as the basis for a definitive Agreement for Construction to be negotiated and entered into between Owner and Contractor (the "Construction Agreement"). The rights and obligations of the Owner and Contractor hereunder shall be subject to the execution and delivery of a mutually satisfactory AIA Contract Agreement as soon as practical, but not later than _____ (___) business days from the date of this fully executed Letter of Intent. The following terms are proposed: 1. Building to be constructed: The building to be constructed is as follows: (a) Approximately __________ square foot commercial building to be located at _____________________________. The building shall include all improvements and shall be constructed in accordance with the drawings and specifications of ____________ dated ___________________, Reference __________.
Contract Price: Contractor agrees to construct the building and all improvements for Owner for the total consideration of $______________ less any deducts made by Owner, including, but not limited to, marble floors, paneled doors, etc. Contractor agrees to give Owner a 2% reduction from the final contract price