AGREEMENT
GENERAL CONDITIONS OF THE CONTRACT
AGREED CONTRACT SUM
COPY OF QUOTATION
PAYMENTS
VARIATION ORDERS
PROJECT MANAGEMENT
CONSTRUCTION SCHEDULE
LIST OF DOCUMENTS TO BE SUBMITTED
GENERAL CONDITIONS OF CONTRACT
The General Conditions of the Contract cover a wide array of components, most of which are standard across worldwide construction projects.
The General conditions are an integral part of the construction contract. They consist of items and resources needed for project completion that will not be part of the finished product that is turned over to the owner.
In the project contract, the General Conditions are contract terms that define the relationship between the owner, contractor, and possibly the architect. Provisions include the roles and responsibilities of each of the construction contract parties, important dates such as the commencement date and substantial completion, how to handle delays, payment terms, changes to the work, and how claims and disputes will be handled. The most widely used version of general conditions is that provided by the AIA. Most of the contract templates the AIA provides use the A201 General Conditions as the basis for the contract terms. Our company applies the AIA as a standard.
The contract sum is the amount that the owner will pay to the contractor. The contract sum includes all items and services necessary for the proper execution and completion of the contractor’s work, and it is subject to additions and deductions as provided in the contract documents.
The contract sum may include allowances, which are amounts for items that are not specifically determined at the time of entering the contract, but that are included in the contract sum.
The contract sum is often a fixed price (lump sum), sometimes also called a stipulated sum. The price for the project would be a total amount, of 0. As noted above, the contract sum might include allowances. The cost for certain portions of the work might also be listed contractor’s proposal, including costs of subcontractors.
A copy of the formal quotation for the project shall be included in the Scope of Work to guarantee that proper payments will be effected for the different milestones achieved per the agreed contract sum.
Timely payments shall be made per the stipulations outlined in the Agreement. Late payments or XXXX will be dealt with per the clauses mentioned in X
The contract will typically allow for changes to be agreed upon between the owner and the contractor that arise during the work and that impact the contract sum. This is usually the result of an unforeseen circumstance, such as if a specified material becomes unavailable. The contractor may suggest a substitution that requires a cost adjustment and ask for the owner’s approval of that change. Any such changes to the contract sum should be agreed upon in writing to avoid misunderstandings going forward.
LIST OF DOCUMENTS TO BE SUBMITTED
