Real Estate Build Contract

REAL ESTATE BUILD CONTRACT

Parties and Property Identification

Effective Date:   This Real Estate Build Contract ("Contract") is entered into by Owner and Contractor identified above. Contractor agrees to furnish labor, materials and supervision to construct improvements on the Property in accordance with plans, specifications and the terms below.

Scope of Work and Documents

Contractor shall perform the work described in the plans and specifications attached or incorporated by reference and any reasonable ancillary tasks necessary for completion. Contractor will perform all work in a good and workmanlike manner consistent with industry standards and applicable codes.

Contract Price, Payments and Retainage

Contract Sum (total price): $ . This sum includes labor, materials, equipment, supervision and other costs unless specifically excluded in writing.

Deposit Due Date: . Progress payments shall be made per the schedule below. All payments shall be made to Contractor and accompanied by required lien waivers as specified herein.

Final Payment shall be due upon substantial completion and after receipt of final lien waivers from Contractor and all subcontractors and suppliers. Final payment constitutes acceptance of the work, except for latent defects and warranty claims expressly reserved in writing.

Allowances, Contingencies and Change Orders

Contingency for unforeseen conditions: . Change orders that alter the Contract Sum or time for performance must be in writing and signed by Owner and Contractor before the changed work is performed. Contractor is not entitled to payment for changed work performed without a written change order except as provided by law.

Time, Completion and Delays

Construction Commencement Date: . Contract Completion Date: . Time is of the essence. Contractor shall achieve substantial completion by the Completion Date subject to excusable delays described herein.

Liquidated damages for failure to achieve substantial completion by the Completion Date shall be $ per day, subject to the parties' mutual written agreement and lawful limitations.

Permits, Inspections and Utilities

Contractor shall obtain and pay for all permits, inspections and approvals required by the municipality unless otherwise agreed. Owner shall be responsible for utility hook-ups and fees as specified below.

Subcontractors, Labor, Materials and Liens

Contractor shall be responsible for hiring, supervising and paying subcontractors. Contractor shall ensure that all subcontractors and suppliers are paid and shall provide unconditional lien waivers upon payment. Contractor shall not permit any liens to remain on the Property and shall indemnify Owner against claims for labor or materials furnished.

Insurance, Indemnity and Warranties

Contractor shall procure and maintain commercial general liability, workers' compensation, automobile liability and such other insurance as required by law and this Contract. Contractor shall name Owner as an additional insured on the general liability policy to the extent permitted by law. Contractor shall indemnify, defend and hold Owner harmless from claims arising out of Contractor's performance except to the extent caused by Owner's gross negligence or willful misconduct.

Contractor Warranty Period (against defects in workmanship and materials): from the date of substantial completion, unless a longer period is provided by manufacturer warranties or applicable law.

Environmental and Property Condition Disclosures

Owner represents that, to Owner's knowledge, the following conditions are present on the Property:

Lead-based paint present? Yes No

Known mold or water intrusion history? Yes No

Prior structural damage or repair (e.g., fire, flood, seismic)? Yes No

Default, Termination and Remedies

If either party materially breaches this Contract, the non-breaching party shall provide written notice specifying the breach and a cure period of days. If the breach is not cured within the cure period, the non-breaching party may pursue remedies available at law or equity, including termination, damages, specific performance and recovery of costs and attorneys' fees as provided by statute or contract.

Dispute Resolution and Governing Law

The parties agree to attempt in good faith to resolve disputes through negotiation. If unresolved, disputes shall be resolved by arbitration or litigation as selected by the parties in writing. This Contract shall be governed by the laws of the State of without regard to conflict of law principles.

Notices

All notices required or permitted under this Contract shall be in writing and delivered to the addresses set forth below by personal delivery, certified mail, or nationally recognized courier service and shall be effective upon receipt.

Additional Provisions

Entire Agreement: This Contract, together with the referenced plans, specifications, schedules and written change orders, constitutes the entire agreement between the parties and supersedes all prior oral or written negotiations, representations or agreements. Any amendments must be in writing and signed by both parties.

Severability: If any provision of this Contract is held invalid or unenforceable, the remainder of the Contract shall remain in full force and effect.

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