Renovation Basement Conversion

RENOVATION BASEMENT CONVERSION AGREEMENT

THIS AGREEMENT is entered into between Client Name: and Contractor Name: (collectively, the "Parties").

WHEREAS

WHEREAS, Client owns or controls the real property located at Project Address: (the "Property"), and desires to convert the existing basement into habitable, finished space (the "Project");

WHEREAS, Contractor represents that it is licensed and experienced in performing basement conversion and renovation work and will perform the Project in accordance with applicable laws, codes and the terms of this Agreement; and

WHEREAS, the Parties intend to set forth their respective rights and obligations with respect to the scope, cost, schedule, and completion of the Project.

PARTIES' INFORMATION

SCOPE OF WORK

Contractor shall furnish all labor, materials, equipment and supervision necessary to perform the following work at the Property. Work shall conform to plans and specifications as agreed in writing and to applicable building codes:

PAYMENT TERMS

Total Contract Price: $

Late Payment: If any undisputed amount due under this Agreement is not paid when due, interest will accrue at % per month (or the maximum lawful rate if lower). Client shall also reimburse Contractor for reasonable collection costs incurred on overdue amounts.

TERM AND TERMINATION

Commencement Date: . Estimated Completion Date: . Time is of the essence for milestones expressly identified in writing.

Either Party may terminate this Agreement for material breach by the other Party if the breaching Party fails to cure the breach within days after written notice. Upon termination, Contractor shall be paid for work performed to date and for reasonable demobilization costs, less offsets for Client's damages resulting from Contractor's breach.

CHANGE ORDERS

Any change to the Scope of Work, contract price, or schedule must be documented in a written change order signed by both Parties. Contractor will not be required to perform work outside the agreed Scope of Work without a signed change order. Change orders shall specify adjustments to price and time for completion.

PERMITS, INSURANCE AND COMPLIANCE

Contractor shall obtain and pay for all permits and inspections required by applicable authorities unless the Parties agree otherwise in writing. Contractor shall maintain at its expense workers' compensation, general liability, and automobile insurance in amounts sufficient to cover the Project and shall provide certificates upon request.

WARRANTIES

Contractor warrants that materials and workmanship furnished under this Agreement shall be free from defects for a period of from the date of substantial completion, subject to normal wear and tear and exclusions for finished goods. This warranty is in lieu of all other express warranties. Implied warranties shall be limited to the maximum extent permitted by law.

CONFIDENTIALITY

Each Party shall keep confidential all nonpublic business and technical information disclosed by the other Party in connection with the Project (collectively, "Confidential Information") and shall use such Confidential Information only for the performance of this Agreement. Confidential Information shall not include information that is or becomes publicly available other than by breach of this Agreement or is rightfully obtained from a third party without restriction.

INDEMNIFICATION

Contractor shall indemnify, defend and hold harmless Client and Client's agents from and against any claims, liabilities, losses, damages and expenses (including reasonable attorneys' fees) arising out of Contractor's negligence or willful misconduct in performing the work. Client shall indemnify Contractor for claims arising from Client's wilful acts or omissions or from conditions at the Property known to Client but not disclosed to Contractor.

DELAYS AND FORCE MAJEURE

Neither Party shall be liable for delays caused by events beyond its reasonable control, including but not limited to acts of God, governmental action, labor disputes, or supply shortages. The time for performance shall be extended for a period equal to the duration of such delay. The Party affected shall provide notice to the other Party promptly.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of laws rules. Venue for any dispute arising out of this Agreement shall be in the state or federal courts located in the county where the Property is situated.

ENTIRE AGREEMENT

This Agreement, including any plans, specifications, and duly executed change orders, constitutes the entire agreement between the Parties regarding the Project and supersedes all prior negotiations, representations and agreements, whether written or oral. No amendment shall be effective unless in writing and signed by both Parties.

NOTICES

All notices under this Agreement must be in writing and delivered to the addresses listed in the Parties' Information section or to such other address as a Party may designate by written notice. Notices are effective upon personal delivery, or three (3) business days after deposit in the U.S. mail, certified mail, return receipt requested, or upon electronic confirmation of delivery if sent by email.

Sign Now