What is Agreement Between Owner And Contractor?
A construction agreement is an agreement between a builder or owner of a project and the vendor or contractor. The agreement is carried out to define the scope of the projects, the possible timelines, the monetary specifications and the default guidelines.
A construction agreement can be very detailed including clauses and sub-clauses based on the terms and regulations of service.
Also Read: Agreement Between Carrier And Shipper
A Construction agreement lists most of the following parameters-
Commencement of work
Owners right of inspection
Payment terms
Accounts of inspection
Extension of time
Arbitration
Time for completion
Project description, contract price, construction schedule, contract laws.
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