Real Estate Building Contract
Real Estate Building Contract
This Real Estate Building Contract (the "Contract") is entered into by and between [Your Company Name], a corporation duly organized and existing under the laws of [State/Country], with its principal office located at [Your Company Address] (hereinafter referred to as the "Builder"), and [Your Client Name], with a mailing address of [Your Client Address] (hereinafter referred to as the "Client"). Together, the Builder and the Client are referred to as the "Parties."
This Contract shall become effective as of [Month Day, Year] (the "Effective Date") and shall continue to govern all interactions and transactions related to the building project described herein until its satisfactory completion and final acceptance by the Client.
1. Scope of Work
The Builder agrees to construct, and the Client agrees to have constructed, the project described in the detailed project plans and specifications, which have been provided by the Client and are hereby incorporated by reference (the "Project"). The scope of work shall include, but not be limited to, [insert specific details of the project here], in accordance with the plans, permits, and specifications detailed in Attachment A (Project Specifications).
2. Terms and Conditions
2.1. Timeline
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Commencement Date: Construction of the Project shall begin on [start date], following the issuance of all necessary permits and approvals.
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Completion Date: The Builder commits to substantial completion of the Project by [completion date], except as may be reasonably delayed by unforeseeable events outside the Builder's control such as natural disasters, labor strikes, or material shortages. In the event of such delays, the Builder shall notify the Client promptly, providing a revised timeline and taking all reasonable steps to minimize the delay.
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Construction Schedule: Within [number of days] days of the Effective Date, the Builder shall provide the Client with a detailed construction schedule that outlines the anticipated milestones and expected completion dates for each phase of the Project. This schedule will be regularly updated and provided to the Client for review.
2.2. Cost
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Total Estimated Cost: The Project's total cost is estimated to be [total cost], which includes all labor, materials, equipment, and services necessary to complete the Project as specified in Attachment B (Cost Estimate).
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Adjustments: The total cost may be adjusted in response to any changes in the scope of work authorized by both Parties as detailed in Section 4 (Modifications). Such adjustments will be documented in writing and reflected in subsequent billing.
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Cost Breakdown: Attachment B (Cost Estimate) provides a detailed breakdown of all estimated costs associated with the Project, including but not limited to labor, materials, equipment rental, and administrative fees.
2.3. Quality Standards
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Compliance: The Builder shall perform all work in strict compliance with the highest industry standards and in accordance with all applicable federal, state, and local laws, regulations, and building codes.
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Materials: All materials used in the construction of the Project will be new, of good quality, and free from defects. Where specified, materials will meet or exceed the standards set by recognized standards-setting organizations.
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Workmanship: The Builder guarantees that all work will be carried out in a professional manner by qualified personnel. The Builder will rectify at its own cost any work found to be defective during the warranty period specified in this Contract.
3. Dispute Resolution
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Negotiation: In the event of a dispute, the Parties agree to first attempt to resolve the disagreement through direct negotiations in good faith.
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Arbitration: If negotiations fail, the dispute will be resolved by binding arbitration under the rules of the [Arbitration Association] of [State/Country]. Each Party will be responsible for its own arbitration costs, and the Parties will equally share the arbitrators' fees.
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Final Decision: The decision rendered by the arbitration shall be final and binding on the Parties, and may be entered in any court having jurisdiction thereof.
4. Modifications
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Written Agreement: Any and all changes to the Project's scope of work, including additions or deletions, must be documented in writing and signed by both Parties to become effective. Such documentation will describe the nature of the change, the adjustment in costs, and the impact, if any, on the Project timeline.
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Cost and Schedule Adjustments: Modifications may result in adjustments to the Project's total cost and/or completion schedule. These adjustments shall be agreed upon by both Parties and documented as part of the Contract amendments.
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Authorization: No modifications shall be undertaken without the prior written consent of both Parties, ensuring that both the Builder and the Client have a clear and mutual understanding of the changes and their implications.
5. Payment Schedule
The Client agrees to pay the Builder for the performance of the Project in accordance with the following payment schedule:
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Deposit: A deposit of [amount], due on [deposit date].
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Progress Payments: Payments of [amounts], due on specific milestone completion dates as detailed in Attachment C (Payment Schedule).
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Final Payment: The balance of [amount], due upon the substantial completion of the Project and issuance of a final acceptance certificate by the Client.
6. Final Agreement
This Contract represents the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements between the Parties. This Contract may only be amended by a written document duly signed by both Parties.
IN WITNESS WHEREOF, the Parties have executed this Contract as of the Effective Date first above written.
Builder:
[Your Name]
[Your Job Title]
[Your Company Name]
[Month Day, Year]
Client:
[Your Client Name]
[Month Day, Year]
Attachments:
Attachment A: Project Specifications
Attachment B: Cost Estimate
Attachment C: Payment Schedule
