Risk factors should be included in the contract in order to protect the interests of the owner. If you don`t read the written agreement, you`re not on the defensive. The supply of products and services is mentioned in the contract between the owner and the contractor. If you do not pay according to the date stated in the contract, you may want to pay the fine. Similarly, the contractor is obliged to pay a penalty if it has not completed the project within the time limit. Although the cost of different types of raw materials increases, the contractor should respect the contract and deliver it according to the schedule. 11. If the owner decides to provide the necessary building materials, the cost of those materials shall be credited to him and the value deducted from the immediately subsequent current invoice. The house construction contract between the owner and the contractor pdf India can be established between the two parties with the help of legal advice, if both parties have accepted these conditions. Benjamin Franklin said so famously, ”Time is money.” Whichever page you are on, reduce the construction time by having a clear plan with this document. The terms of the agreement between the owner and the contractor include the work to be performed, construction periods, payment plans, cost escalation, delays, penalties, building materials used, etc. The terms and conditions agreed by both parties should be reflected in writing. Details should be included in the agreement.
Many people are unaware of the importance of a well-documented agreement between the owner and the contractor, which is beneficial for both the parties and the contractors.