on the architect`s attestation that the works are completed up to the second floor and that the balance must be paid on the architect`s certificate, that the above-mentioned works have been completed in all respects in accordance with the agreement and that the contracting authorities have removed and evacuated, at their own expense, all unused scaffolding, fences, materials and waste, and the bungalow for use and colonization and immediately the profession. However, an amount equal to 5% of the total amount of the contract to be paid by the owner under this contract is withheld by the owner as a withholding indemnity to be paid after a period of 12 months from the date of delivery of the bungalow fully and ready to be purchased. The contracting authorities accept and undertake to remedy all failures that may be found or noted during twelve months. Where the contracting authorities do not remedy these defects or do not remedy the defects mentioned by the owner within fifteen days from the date of notification to the contracting authorities, the owner shall have the right to have the defects repaired by other entities which he deems appropriate at the expense and risk of the contracting authorities and to use the retention allowance; To the extent that the retention allowance is not sufficient to cover these costs, expenses and charges incurred by the owner to remedy the construction defects, the contracting authorities must remedy the failure within 7 days of the written request of the owner, failing which the contracting authorities will be required to pay them at the same time as the interest of 15% per year. The agreement should be prepared by experts and the development of standards should be maintained in order to protect the interests of both parties. The date of signature of the contract must be displayed at the top of the page. The date of occupation of the site by the contractor should be specified in the agreement. The total area of the building is 4004 sft (Fill Total Area). Therefore 4004X1750 = Rs. 70.07.000 (Rupees seventy lakhs only seven thousand) A thorough and clearly detailed construction contract is the first step towards a successful construction or construction project.

It not only provides a solid foundation for progress in the proper understanding of project expectations, but also offers valuable protection. . . .

Categories: Allgemein