Construction is a major project for anybody to tackle—even for the biggest corporations. Besides the creation process itself, there are many legal matters that needs attending to. Among them would be construction contracts. An umbrella term in itself, this is a business contract that may refer to a contract between builder and homeowner, a contract for between clients and equipment or material suppliers, or anything in between those. Learn more about what a standard construction contract entails below and browse through our construction contracts templates and samples while you’re at it.
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What Is a Construction Contract?
All in all, construction contracts are mutually binding agreements set between two separate parties. The basis of their agreement usually falls under agreed-upon terms and conditions over the handling of a construction project. One party is generally expected to be the owner or client, while the other is the contractor. The former is the one that makes the decision regarding the specifics of the legal contract, which may be more of a general thing or a specialized development.
Drafting Your Own Construction Contract
Although it is wise to hire an attorney for this, you can always draft your own contracts. In this case, the following tips should suffice in giving general guidelines for those who want to learn how to write a construction contract.
Tip 1: Always Begin with the Title and Preamble
When starting a contract, the first thing you need to handle is its title. Use this to briefly describe the contract’s purpose. Then move on to the preamble, which needs to include the agreement’s starting date, the names of those involved with the two parties, the project’s name, the location of the site, and more.
Tip 2: Give a Description of the Work and its Scale
Unlike the title above, this description would be much greater in terms of overall depths. You may even provide a sample of the planned project timeline, as well as what the scheduled tasks are. These will set expectations as to what the contractors have to do for the construction process.
Tip 3: Provide Financial Information for the Project
In this part, you may include some crucial financial information, such as the project budget. Most importantly, this will be where you will cite the payment schedules as well as the amount owed to the contractors. The equipment, materials, and labor costs will also be included in this portion of the contract.
Tip 4: Details Plans for Resolving Disputes and Changes
The possibility of contract disputes and other troubles should not be discounted. Among the details to place in the construction contract must be terms and provisions meant to combat unexpected delays and disruptive changes in plans.
What are the different kinds of construction contract?
A few of the more prominent examples would be the lump sum contract, subcontractor agreement, the residential building contract, and the percentage rate contract, just to name a few.
How long does a contract for construction usually last?
The answer to that depends on the state. Virginia, for example, allows for five years from the specified date on the contract. It should be noted that statutes of limitation may be extended or shortened, depending on the circumstance. For the former, an extension agreement may be required.
How much money is a contract breach worth?
The range for most states is as little as $1,500 to as much as $15,000. This could go beyond that, but it would depend on the overall scale of the construction project.
As you’re now aware, creating something like a commercial construction contract is no trivial matter. Neither is looking for the templates best suited for your needs, like the free construction contract template or free construction contract forms. At least now you’re better educated regarding these matters. Should you need a printable construction contract sample, then you know where to turn to. The same goes if you need a reminder on how to draft the document on your own. Act fast and use your new-found knowledge today!
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