PandaTip: Milestone payments can be referred to in dollars or percentages. Be as detailed as possible in terms of scope to minimize disputes. In addition, some cities and states have specific restrictions on the percentage of payments that contractors can receive at certain stages of a construction project, so you must comply with those restrictions. A. The contractor should provide and pay for all workers and all types of equipment, including construction tools, machinery and transportation. The owner may employ and pay others to remedy these defects and defects, and the full cost and expenses that result will be borne by the contractor or reimbursed by the contractor, by any money, including withholding pay due or by any other means. 4. The owner pays the builders a sum of Rs…………. whose owner pays each week to the owners the amount that can be sufficient to cover the costs incurred by the owners for the materials used in the works, verified and certified by the architect, Rs…… on the architect`s certificate that the work is completed up to the first floor, the additional sum of Rs ………… on the architect`s certification that the work is completed and that the balance must be paid on the architect`s certificate, that the above works have been completed in all respects in accordance with the agreement and that the owners have, at their own expense, removed all scaffolding, fencing, materials and unused waste from the premises and managed the bungalow for immediate use and use and management. However, an amount equal to 5% of the total amount of the contract payable by the owner under this contract is withheld by the owner as a deduction allowance which, after a period of 12 months from the date of delivery of that bungalow, is fully due and is due for occupancy. The owners agree and undertake to remedy any defects that can be found or found during the 12-month period.
If the owners do not correct the defects found or refuse to correct the defects found by the owner within a fortnight of the date of notification to the owners, the owner has the right to have these defects corrected by other agencies that he deems appropriate for all the costs and risk of the owners and to use the deduction allowance; To the extent that, in the event of insufficient deduction pay in question, the costs, costs and expenses incurred by the owner to remedy the construction defects are not sufficient, the owners must correct the defect within 7 days of the owner`s written request, otherwise the owners are required to pay the same amount as the interest of 15% per year. A. The contractor is responsible for purchasing and maintaining appropriate insurance for construction. 1.1. The owner [OWNER TYPE] is the rightful owner of the property on which the construction is entered into under the construction contract, with the following coordinates – c) Notwithstanding 12 b) above the architect, may allow in writing, with the permission of the owner, that such materials and/or defective works remain with the owner`s agreement and that they set the lower rates or prices they deem appropriate, and that these are binding.