AGREEMENT BETWEEN OWNER AND CONTRACTOR Flashcards
A-1 The Work
1.1 - Perform the work required by the contract documents.
1.2 - Do and fulfill everything indicated by the contract documents (A3).
1.3 - Date of commencement and date ready for takeover.
A2 - Agreements and Amendments
2.1 - The contract supersedes all prior negotiations.
2.2 - The contract may be amended only as provided in the contract documents (A3).
A3 - Contract Documents
- Agreement between Owner and contractor.
- Definitions.
- General conditions.
A4 - Contract Price
4.1 - The contract Price excluding value added tax.
4.2 - The value added tax.
4.3 - Total amounts payable by the owner to the contractor for the work.
4.4 - These amounts are subject to adjustments as provided in the contract documents (A3) .
4.5 - All amounts are in (example: Canadian dollars).
A5 - Payment
5.1 - Subject to the provisions of the contract documents and payment legislation, respecting holdback %, the owner shall:
1) Make progress payments to the contractor when due in the amount certified by the consultant unless otherwise prescribed by payment legislation.
2) Upon substantial performance of the work pay the unpaid balance of holdback % when due + added value tax.
3) Issuance of the final certificate, paying the contractor final unpaid balance as per the contract price when due.
5.2 - Interest:
1) Should failiure by either party to pay, under the terms of the contract by adjudication, arbitration or court, interest % shall be added on to the unpaid amounts:
(1) 2% per annum for the first 60 days.
(2) 4% per annum after the first 60 days.
Interest shall be compounded on a monthly basis.
A6 - Receipt of and Addresses for notice in writing
6.1 - Notices in writing to be addressed to the recipient at stated address.
6.2 - The delivery of a notice shall be done by hand, by courier, by prepaid first class mail, OR electronic communication.
6.3 - A notice in writing when delivered by hand or courier is deemed delivered the day received. If sent by mail then the day delivered is deemed to be 5 working days after.
6.4 - A notice in writing sent electronically will be deemed to have been received the day it was transmitted provided that it was during opening or working hours on a working day.
6.5 - An address for a party can be changed by notice in writing through the previously mentioned methods.
A7 - Language of the Contract
7.1 - When contracts are prepared with more than one language a preset agreement will state which of the following contracts shall prevail in the event of discrepancy.
7.2 - This agreement is drawn in (Language) at the request of the parties hereto.
A8 - Succession
The contract are binding to the parties hereto, respective heirs, legal representatives, successors, and assigns.
