Building projects can be a complex and costly affair, as you will need to coordinate with different sectors such as suppliers and contractors, secure permits and licenses, look for investors, and many more. It may be a tedious and challenging process, but it has to be done to ensure the building is completed on time. And one very important document needed is a building construction contract which is a legal document that is exchanged by the building owners and a contractor(s). Overall, contracts help protect your business and your clients over the course of the project because in case something else goes wrong both parties have a contract to refer to. To learn more about this, let us discuss this further below. And should you need any help preparing a construction contract for your building project then check out our free building construction contract samples that you can download for free on this page!
10+ Building Construction Contract Samples
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What Is a Building Construction Contract?
Generally, a construction contract is a legal document that outlines the details of a construction project. Now in a more specific term, a building construction contract also outlines the details of such a project and in this case, we have a building project. Having a legal construction contract in place offers a layer of protection between the client and the contractor. Also, such a document helps get you and your client on the same page before the construction begins. This will help clarify things and prevent any future misunderstandings.
How To Create a Building Construction Contract?
Since you will need to prepare a building construction contract, this document would contain details relevant to the building project whether this is a commercial building or a for private use, the scope of work, risk, duties, and the legal rights between the contractor and building owner. Speaking of which, there are different kinds of construction contracts, and these are classified as lump-sum, cost-plus, time and materials, and unit-pricing. So regardless of what kind of contract you may opt to use for your building project, the following key elements should be more or less included in every building construction contract.
I. Parties Involved
Like all contracts or agreements, this should include the contact information of the building owner and the contractor. Their names or business names, address, number, and property address where the construction work will be taking place.
II. Description of the Project
Include the title of the project for example “commercial building” together with the full description of the building project. If applicable, the project description should also include permits and licenses required to complete the project.
III. Timeline and Targeted Completion Date
It is important in every construction project to include the timeline such as the starting date of the construction work and the targeted completion date. Should there be any changes in the timeline, or is behind schedule then it is important that the contractor informs the owner of these changes beforehand.
IV. Cost and Payment
Contractors must be able to send a cost estimate before drafting a construction contract since this will provide how much would be possibly spent on the project. And the payment terms and schedule should also be stated in the contract, together with the deposit being paid which in this case is usually non-refundable.
V. Cancellation and Termination Clause
In the event, the client has not paid the contractor, or unforeseen events have forced the construction to come to a halt then the cancellation and termination clause should come into effect.
VI. Change Order Agreement
Sometimes changes may occur during the course of the project. This agreement allows both parties to add, deviate, or add to the original contract with a written document signed by both parties.
To bind the contract legally, the contract must be signed by both parties. Don’t forget to include the date as well.
What Is a Lump Sum Contract?
Under a lump-sum or fixed-priced contract, the owner agrees to pay the contractor a specified lump sum after the project’s completion without any breakdowns.
What Is a General Contractor?
This is a person or entity that is in charge of managing a project particularly in construction and may provide labor and materials and even employ subcontractors if there is a need to.
What Is a Cost-Plus Contract?
This is a type of construction contract where the owner pays for all the costs associated with the project including labor and materials including additional fees to cover the overhead costs and the contractor’s profit.
Once you have a building project underway, a building construction contract is an important document that both a contractor and the owner must prepare to be able to set the terms, the scope of work, and other vital details needed for the completion of the project.
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