New Home Construction Contract
New Home Construction Contract
On March 21, 2050, an agreement was established, involving [Your Name], henceforth known as the "Builder," and [Client Name], henceforth known as the "Owner," concerning the construction of a residential property on a plot of land located at [Client Address] owned by the Owner.
1. DESCRIPTION OF WORK
1.1 Scope of Work: The Builder shall undertake the construction of a new residential property (hereinafter referred to as "The Project") according to the plans and specifications provided by the Owner and according to the terms outlined in this contract, to the satisfaction of the Owner.
2. SITE
2.1 Owner's Obligations: The owner shall, at their own cost and expense, provide the land for construction, any necessary legal descriptions, and all required soil boring tests and surveys.
3. CONTRACT PRICE
3.1 Payment: In consideration of all labor, materials, and services provided by the Builder in connection with the Project, the Owner shall pay the Builder the sum of USD 250,000.00.
4. PAYMENT
4.1 Schedule: The owner shall make payments to the Builder based on work completed, by the agreed-upon payment schedule detailed in Annex A attached hereto.
5. TIME OF COMMENCEMENT AND COMPLETION
5.1 Commencement and Completion: The construction of the Project shall commence on April 1, 2050, and shall be substantially completed on or about December 31, 2051, subject to any changes ordered by the Owner or delays out of the Builder's control.
6. INSURANCE
6.1 Insurance Coverage: Both Owner and Builder shall maintain appropriate insurance for their respective interests in the Project and perform their obligations by the provisions of this Agreement.
7. WARRANTY
7.1 Builder's Warranty: The Builder provides the Owner with a warranty for the Project as stipulated in Annex B attached hereto.
8. DISPUTE RESOLUTION
8.1 Mediation: In the event of a dispute, both parties agree to participate in mediation before commencing any lawsuit or legal proceedings, with the costs of such mediation to be shared equally between the parties.
9. ENTIRE AGREEMENT
9.1 Entire Agreement: This Agreement, together with any documents incorporated by reference, constitutes the entire agreement between the parties and supersedes all prior negotiations, agreements, and understandings concerning the subject matter hereof.
IN WITNESS WHEREOF the parties have executed this Agreement on March 21, 2050.
Please note: Annex A and Annex B, which are referred to in the contract, contain additional details such as payment schedules and warranty terms, respectively. These annexes should be attached to the contract for a comprehensive agreement.
[Your Name]
[Your Company Address]
[Client Name]
[Client Address]
