A Commercial Mortgage Contract is a contract which is made in order to grant a loan to a person for acquiring, refinancing or redeveloping a commercial property. This loan is generally granted against a commercial property such as a shopping centre, apartment complex, office building and industrial warehouse. Many a times, the same property for which the loan is being demanded, is kept as a security by the bank. It’s a legal document that gives the lender authority to capture and sell the secured property in order to pay off the loan if borrower fails to abide by the terms stipulated in the contract or does not pay back on time.
The contract is structured in such a way that it meets the needs of both, borrower and lender. The contract contains details about the loan amount (also referred as “loan proceeds”), interest rate, term, i.e., time period (also referred as “maturity”), amortization schedule and prepayment flexibility.
A proper due diligence process is carried out before the closure of the contract. A thorough underwriting process is also conducted that includes financial review of the owner’s or sponsor’s property, review of the property for which loan is being demanded, and review of all the third-party reports that have been submitted to the bank.
Sample Commercial Mortgage Contract:
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A contract labor agreement is a kind of an agreement which is made in the case when a party or person hires another person or party for certain kind of labor work. In such a scenario, the employer and the employee enter a mutual arrangement so that none of them can step out of the boundary of law or breach any legal rule or regulation associated with the labor contract. A contract labor agreement is thus legally binding and can result in legal actions for the party at fault. Through such an agreement, the roles and responsibilities of the employer and employee are properly defined so that there is no confusion during the term of labor work.
Such an agreement must first talk about the parties by giving their personal information such as their names, addresses and phone numbers and should then specify the important dates such as the effective date and the termination date. Another important section of a contract labor agreement is the part where the details of the payment are given. The terms and conditions of a contract labor agreement must specify the rules and regulations which both the parties must agree to and abide by.
Sample Contract Labor Agreement:
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Whenever a construction company applies or bids for a tender and wins it, then the contract which it enters into with the government or other party is known as a construction tender contract. In such contracts, the titles given to the involved parties are Construction Company and client. These contracts are made with the aim of discussing and finalizing all the construction related and payment related details in a written and formal manner. The very legal nature of such a contract makes it so valued and important. A construction tender contract lays down not just the details of the parties that are involved but also of the construction work which the construction company will be doing for the client.
It is very important for any contract of this nature to have the payment terms made clear so that there is no dispute or confusion in the future course. These contracts must also consist of the roles of the parties as well as their rights and responsibilities. If any party acts against the contract, then it may have to face legal implications. The contract must be mutually agreed upon and should be signed by representatives of the parties at the end.
Sample Construction Tender Contract:
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Whenever a person wishes to get construction of his/her residence done, he/she may hire a construction company or contractor for their services. But in some cases, the person may also hire a residential construction consultant to give proper advice, tips and suggestions so that the construction work can be improved in quality and standard. The contract which is thus formed in between the consultant and the client is known as a residential construction consulting contract. The following are some details which will throw further light on such contracts:
- Residential construction consulting contracts are formed in order to define the duties and tasks of a consultant and also the payment which the client will make in return for these services.
- The contract specifies exactly when the contract term will start and exactly when it shall terminate so that the total salary or payment can be calculated in advance.
- A residential construction consulting contract is a formally drafted document which holds legal importance since it cannot be and must not be violated by either the client or the hired residential construction consultant.
- The contract should also give the various situations under which the association can end prematurely and how these situations can be avoided.
Sample Residential Construction Consulting Contract:
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Whenever an owner of a real estate property agrees to sell it off to another person or party, then the seller and the buyer enter into a mutual agreement which is known as sales agreement contract for real estate. Such a contract is meant to seal the terms and clauses of the contract so that there is no fraud or breach after the sales is made. A sales agreement contract for real estate is a legally enforceable document which means that it holds legal weightage and cannot be violated by any of the parties.
A sales agreement contract for real estate must give the details of the buyer and the seller as well as the details of the real estate property which is being sold. The document must specify the rate at which the property is sold and also the date at which it is sold to the buyer. One of the most important parts of a sales agreement contract for real estate is the part of the terms and conditions. This part must consist of the roles of the parties and the way they are expected to conduct during the length of the contract.
Sample Sales Agreement Contract For Real Estate:
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