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CONSTRUCTION AGREEMENT (Stipulated Sum) BY AND BETWEEN NEW YORK UNIVERSITY SCHOOL OF MEDICINE, an administrative unit of NEW YORK UNIVERSITY OWNER AND CONTRACTOR PROJECT Animal Imaging Suite on Medical

How to fill out construction agreement stipulated sum

How to Fill Out Construction Agreement Stipulated Sum:

1. Read the agreement carefully: Begin by thoroughly reading the construction agreement stipulated sum. Understand all the terms, conditions, and obligations stated in the agreement.
2. Identify the parties involved: Note who the contracting parties are, including the owner or client and the contractor. This information will be necessary for filling out the agreement correctly.
3. Insert project details: Fill in the necessary project details, such as the project name, location, and description. Be specific and accurate to avoid any misunderstandings or disputes later on.
4. Determine the stipulated sum: This is the predetermined fixed amount that the contractor will be paid for completing the project. Consult with the client and agree on the exact stipulated sum, and then clearly state it in the agreement.
5. Specify payment terms: Outline the payment terms, such as the schedule of payments and any additional fees or penalties for late payments. Be clear about the payment method and due dates to ensure there are no misunderstandings.
6. Describe scope of work: Detail the scope of work that the contractor is responsible for. This should include the specific tasks, services, and materials to be provided by the contractor.
7. Include a timeline: Establish a specific timeline for completing the project. This should include start and end dates, as well as any important milestones or deadlines.
8. Address change orders: It is essential to include provisions for change orders in case there are any modifications or additions to the original project scope. Clearly outline the process and procedures for requesting and approving change orders.
9. Include dispute resolution provisions: It is wise to include provisions for resolving any disputes that may arise during the project. This may include mediation or arbitration clauses to avoid costly and time-consuming litigation.
10. Obtain signatures: Once the agreement is fully filled out, ensure that all parties involved sign and date the document. This indicates their acceptance and commitment to the terms and conditions outlined in the construction agreement stipulated sum.

Who Needs Construction Agreement Stipulated Sum?

A construction agreement stipulated sum is typically required by:

1. Contractors: Contractors use construction agreement stipulated sums to establish the terms and conditions for their services and ensure clarity on payment amounts, project scope, and timelines.
2. Owners/Clients: Owners or clients need construction agreement stipulated sums to have a legally binding document that outlines the project details, expectations, and costs, providing protection in case of any disputes or delays.

By having a construction agreement stipulated sum, both parties can establish a clear understanding of the project's requirements, avoid any misunderstandings, and protect their rights and interests.

For pdfFiller’s FAQs

What is construction agreement stipulated sum?

The construction agreement stipulated sum is the fixed amount agreed upon by both parties in a construction contract.

Who is required to file construction agreement stipulated sum?

The contractors or parties involved in the construction agreement are required to file the stipulated sum.

How to fill out construction agreement stipulated sum?

The stipulated sum in a construction agreement should be filled out by specifying the agreed upon fixed amount in the contract.

What is the purpose of construction agreement stipulated sum?

The purpose of the construction agreement stipulated sum is to establish a clear and fixed amount for the construction project costs.

What information must be reported on construction agreement stipulated sum?

The construction agreement stipulated sum should include the final agreed upon cost for the project.

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