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TERMS OF AGREEMENT

Contracts should be drafted to ensure that specific topics are addressed. A construction contract should identify the contractor, the owner, and the designer. The scope of work for which the contract is being drawn should also be defined. The project may be defined in a descriptive fashion, along with specific reference to documents such as the construction drawings and specifications.

The contract may stipulate that the construction project must be completed by a given date or within a given number of days of the notice to proceed. Failure to complete the project with stipulated time may result in liquidated damages charged against the contractor.

The contract will state how payments are to be made to the contractor. General, payments are made on a monthly basis. However, on small projects the payment for the entire project may occur after the project is completed. On other projects the contractor may be given an agreed sum before construction begins,......

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Approximate Word Count: 1109
Approximate Pages: 5 (250 words per double-spaced page)

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