VIEWS: 1,151 PAGES: 16 CATEGORY: Real Estate POSTED ON: 8/6/2009
A contract in which a party agrees to shall furnish all labor, materials, equipment and supplies and do all things necessary for the construction and completion of a home, which includes provision in a contract which specifies that payment is based on a fixed fee or a percentage added to the actual cost incurred.
HOME CONSTRUCTION AGREEMENT (Cost Plus) THIS AGREEMENT is made at ______________, ____________________, effective ____________, 20___, by and between ___________________________________ (hereinafter the "Contractor"), and _____________________________________________ (hereinafter the "Owner" whether one or more.) 1. CONSTRUCTION: Contractor shall furnish all labor, materials, equipment and supplies for the construction and completion of a residence for Owner located in the township/city of __________________________________ and Street Address of ___________________________________________________, (hereinafter the "Residence"), in accordance with the provisions of this Agreement and the other contract documents referred to in paragraph 2 of this Agreement, (hereinafter collectively the "Contract Documents"). CONTRACT DOCUMENTS: This Agreement shall include the following "Contract Documents", each of which has been initialed concurrently with the execution of this Agreement, in duplicate, by Contractor and Owner, and all of which are hereby incorporated herein by reference: (a) (b) The Specifications dated ______________, _____, which are attached hereto. The Plans as shown on the drawings dated ____________, _____, which are attached hereto. 2. If any inconsistency shall exist between this Agreement, the Specifications and the Plans and/or any other documents or drawings, the terms and conditions of the Specifications shall control. 3. CONTRACT SUM: (a) Owner shall pay Contractor in cash or by certified check the sum equal to the cost of the work as defined in costs to be reimbursed, together with the Contractor's fee of _____ percent (___%) as evidenced by Contractor's monthly invoice to Owner which shall be issued to Owner at the address set forth herein on before the fifth day of each month. In the event Owner fails to pay Contractor the entire amount pursuant to each monthly invoice, then the unpaid amount due Contractor shall bear interest at the rate of ________ percent (_____%) per month, or ______ percent (____%) annually, after _____ (___) days, and Contractor shall be entitled to recover its ________ fees and costs incurred in pursuit of collection. (b) (c) Owner shall not withhold or delay the monthly payments or any portion thereof to Contractor. In the event Owner withholds any payment, Contractor may in addition to any other remedies at law or in equity stop construction until the Owner pays the amount due. In the event Owner withholds an amount due Contractor and it is dete
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