A commercial contract, as the name depicts, is a written document based on the official requirements and legitimate provisions in order to hire a construction company by the owner (organization/ individual) to remodel, reconstruct or renovate a building.
Sample Commercial Construction Contract
Contract Number: 12- BC
This contract is made on October 13th, 2010 by and between Blue Mount Insurance Pvt. Ltd, hereinafter is known as “ The owner organization” and Bright Construction & Builders Pvt. Ltd., hereinafter called “construction organization.
This commercial construction contract is a professional document in which the owner organization is willing to hire the construction organization for 2 years in order to renovate the official building. Hence, this contract is commencing on October 21st, 2010 and is ending on October 21st, 2012.
By evaluating the interests of both the parties, underneath are the covenants and conducts to be pursued during the tenure:
The construction organization will be responsible for the overall reconstruction including building material, arrangement of heavy duty and light equipments, labour services and interior finishing. The owner organization will provide the full support during this contract regarding the availability of services.
The owner organization is ready to make a payment of amount $ 78000 to initiate the construction work, where as the pending amount will be cleared after 90% of the contraction will be over.
Fees and Charges:
The total fee amount of $ 1200 will be adjusted by both the organizations.
This clause is valid for both the parties as in case of any violation occurs during the work, the contract will be cancelled and the guilty side will make a compensation of 50% of the promised amount to another party.
Signature of the concerned person of the Owner Organization: Designation:
Mia Ray General Manager
Signature of the Authorized Person of the Construction Organization: Designation:
Lena McGraw General Manager- Construction