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This document outlines the stipulations of the construction agreement between Drexel University (the Owner) and the Contractor, covering responsibilities, payment structures, insurance, and conditions
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How to fill out DREXEL – OWNER/CONTRACTOR STIPULATED SUM AGREEMENT

01
Begin by entering the date of the agreement at the top of the document.
02
Fill in the names and contact information of the Owner and Contractor.
03
Specify the project address and description of the work to be performed.
04
Clearly state the stipulated sum or total contract price.
05
Outline the payment schedule, including deposit and progress payments.
06
Include any required completion dates or milestones.
07
Detail any additional terms or conditions relevant to the scope of work.
08
Ensure both parties sign and date the agreement at the bottom.

Who needs DREXEL – OWNER/CONTRACTOR STIPULATED SUM AGREEMENT?

01
Homeowners looking to hire a contractor for a construction project.
02
Contractors who require a formal agreement for stipulated sum projects.
03
Property developers managing residential or commercial developments.
04
Anyone involved in the construction industry looking for a structured contract.
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People Also Ask about

This contract sets the rights, responsibilities, and relationships of the owner, contractor, and architect on a sustainable project. Various design-bid-build agreements incorporate and reference this “umbrella” document.
A104-2017 is a stand-alone agreement that does not require the use of a separate general conditions document. A104–2017 may be used on projects where the basis of payment is a stipulated sum (fixed price) or cost of the work plus a fee, with or without a guaranteed maximum price.
EJCDC® E-520, the Short Form of the standard professional services agreement between Owner and Engineer, is intended primarily for use for professional services of limited scope and complexity. It is less comprehensive than most of EJCDC's other professional services agreements.
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to
A general contractor agreement helps ensure that the owner and contractor are on the same page before a project begins. Use the “Stipulated Fee” document if you plan to charge the owner a fixed fee for your work. Use the “Cost Plus Fee” document if they'll also cover your materials, an expense that could fluctuate.

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The DREXEL – OWNER/CONTRACTOR STIPULATED SUM AGREEMENT is a legally binding contract that outlines the terms and conditions agreed upon between an owner and a contractor for a construction project, typically specifying the total agreed-upon price for the work to be performed.
The agreement must be filed by the contractor or construction manager executing the contract on behalf of the owner, specifically when a stipulated sum agreement is involved.
To fill out the DREXEL agreement, parties must enter the relevant details such as the names of the owner and contractor, project description, stipulated sum amount, payment terms, and any specific conditions or provisions relevant to the project.
The purpose of this agreement is to clearly define the scope of work, payment terms, and responsibilities of both the owner and contractor, thereby reducing the risk of disputes and ensuring a mutual understanding of expectations.
The agreement must include information such as the project name, owner and contractor details, the total stipulated sum, a detailed description of the work to be performed, timelines, any allowances or contingencies, and specific terms regarding modifications and payment schedules.
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