Fill and Sign the Agreement between Contractor and Owner to Remodel Residential Building Form

Agreement Between Contractor and Owner to Remodel Residential Building Agreement made on the ___ day of __________, 20___, between _____________ of ___________________________ (street address, city, county, state, zip code) , referred to herein as Homeowner, and __________________ , Inc., a corporation organized and existing under the laws of the state of ______________, with its principal office located at _______________________________________ (street address, city, county, state, zip code) , referred to herein as Contractor. Whereas, Contractor is in the business of remodeling houses, including, but not limited to, the installation of granite countertops, cabinets, and flooring, and the necessary demolition of existing fixtures and structures in order to accomplish the remodeling; and Whereas, Homeowner desires to engage Contractor to remodel the house owned by Homeowner at ____________________________________________ (street address, city, county, state, zip code) , hereinafter referred to as House; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: I. Description of Work to be Performed Contractor will furnish all labor and materials for the remodeling of the House, in accordance with the attached __________ (plans or blueprints) and the following specifications: ________________________________________ (E.g., specifications not clearly reflected in the plans or blueprints). II. Time for Completion Contractor agrees that the work under this Agreement shall be substantially completed within ________working days after the effective date of this Agreement. III. Payment Schedule Homeowner agrees to pay Contractor in current funds for its performance of this Agreement, the total sum of $_____________and to make payments on account of the contract price as follows: A. On or about the _____day of each month during construction, a payment equivalent to ______% of the value of the work completed. B. On substantial completion, a sum sufficient to increase the total payments to Contractor to an amount equivalent to ____% of the total sum set forth above. C. On final completion of the work and settlement of all claims, the remainder of the total sum set forth above. IV. Contents of Agreement Contractor and Homeowner agree that the specifications and the drawings, along with this agreement, form the entire Agreement between Contractor and Homeowner, and that they are as fully a part of the entire Agreement as if they were attached to or repeated in this instrument. V. Warranty of Fitness of Equipment and Materials Contractor agrees that all equipment and materials used in the work, and made a part of the structures on the work, or placed permanently in connection with the same, will be new unless otherwise specified, of good quality, and in conformity with this Agreement. VI. Title to Material Title to the material to be furnished by Contractor shall be and remain in Contractor until all sums of money called for are fully paid. In case of default in payment of any of the installments provided for in this Agreement, Contractor is authorized to enter the House and the premises on which House is located and take possession of and remove material at any time after the default. VII. Cancellation at Option of Parties upon Destruction of House This Agreement may be cancelled, without previous notice, at the option of either party if is destroyed by fire or other catastrophe or is so substantially damaged that it is impracticable to continue use of House. Notwithstanding the foregoing, such cancellation by Homeowner may only be made if all payments described in Section III above are current. VIII. Contractor not an Insurer It is agreed by and between the parties that Contractor is not an insurer; that the payments specified in this agreement are based solely on the value of the materials and other construction costs, including labor, and that it is impracticable and extremely difficult to fix the actual damages, if any, that may proximately result from a failure of Contractor to adequately perform the remodeling. Therefore, the parties hereby agree that in the case of Contractor’s failure to adequately perform the remodeling and a resulting loss to owner, Contractor’s liability under this Agreement shall be limited to correction or replacement costs and in no event shall Contractor be liable for special, incidental or consequential damages regardless of the claim or the form of the action or suit, whether in contract, negligence or tort, and regardless of whether any such resulting loss results from any aspect of the remodeling, including, but not limited to demolition, installation, and/or clean-up. IX. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, any dispute under this agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. X. Miscellaneous Provisions: A. The provisions of this Agreement shall be binding upon and inure to the benefit of the heirs, personal representatives, successors and assigns of the parties. B. No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver. C. This Agreement shall be governed under the laws of the State of _____________. E. Neither party shall hold the other responsible for damages or delay in performance caused by acts of God, strikes, lockouts, accidents, to other events beyond the control of the other. F. Contractor intends to render its services under this Agreement in accordance with generally accepted professional practices for the intended use of the House and makes no warranty either express or implied. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. ___________________________, INC. By _____________________________ _________________________ (Name and Office in Corporation) HOMEOWNER