RESIDENTIAL/HOME CONSTRUCTION AGREEMENT THIS AGREEMENT is made at _________________, ________, effective _______________, 20__, by and between ______________________________, an _____________ corporation, (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 ____________________, County 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) The Specifications dated____________, _____, which are attached hereto.
(b) The Plans as shown on the drawings dated __________, _____, which are attached hereto. 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 PRICE AND PROGRESS PAYMENTS: (a) Owner shall pay Contractor the amount of $_________________ (hereinafter the "Contract Price"), for the construction of the Residence in accordance with the provisions of this Agreement and the Contract Documents, subject to adjustment by any properly made Change Order(s) and/or as otherwise specified herein. Owner has deposited earnest money with Contractor in the sum of $___________. This deposit shall be applied to the Contract Price. Owner shall make progress payments of the Contract Price to the Contractor in accordance with the following schedule: (i) Upon substantial completion of the excavation of the basement and the installation of the footers and basement walls, a sum equal to _______ percent (_____%) of the Contract Price; and
Upon substantial completion of the rough studwalls and installation of the sheeting on the roof, roofing shingles, and available windows and doors, a sum equal to ________ percent (_____%) of the Contract price; and
(iii) Upon rough installation of the plumbing, heating, air conditioning systems, electrical and other pre-wiring and the installation of the insulation and drywall, a sum equal to _______ percent (_____%) of the Contract Price; and (iv) Upon installation of vanities and cabinets, a sum equal to ________ percent (_____%); and (v) The remaining balance of the Contract Price and (any and all increased costs which Owner has not otherwise paid) upon Contractor's substantial completion as set forth within paragraph 4 herein below.
Contractor shall notify Owner when any of the aforesaid payments become due and payable. Owner shall have a period of three (3) cale