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DOCUMENT 00 41 13 BID FORM STIPULATED SUM (SINGLETREE CONTRACT) To: Villa Joseph Marie High School 1180 Holland Road Holland PA 08966 Project: Partial third floor renovation of Saint Joseph Hall Date:

How to fill out stipulated sum form

How to fill out stipulated sum?

1. Gather all necessary documentation: Before filling out the stipulated sum, make sure you have all the required documents handy. This includes any contracts, estimates, invoices, or other paperwork related to the project or service in question.
2. Review the stipulated sum form: Carefully read through the stipulated sum form to understand its structure and the information it requires. Familiarize yourself with the sections and fields you need to complete.
3. Provide accurate project details: Fill in the relevant project details such as the name or description of the project, its location, and any specific requirements. Be thorough and concise while providing accurate information to avoid any confusion or disputes later on.
4. Include pricing breakdown: Break down the total sum into various cost components. This might include labor, materials, equipment, subcontractors, or any other relevant expenses. Ensure each item is properly categorized and includes the corresponding cost.
5. Specify payment terms and conditions: Indicate the payment terms and conditions that will apply to the stipulated sum. This includes the agreed-upon payment schedule, any discounts or penalties for early or late payments, and any additional terms regarding invoicing or payment methods.
6. Review and proofread: Take a moment to review the filled-out stipulated sum form before finalizing it. Double-check all the entered information for accuracy and completeness. Correct any errors or omissions before submitting the document.
7. Seek legal advice if necessary: If you are unsure about any aspect of filling out the stipulated sum or if the project involves complex financial or contractual matters, it's advisable to consult with a legal professional. They can provide guidance and ensure you comply with any relevant laws or regulations.

Who needs stipulated sum?

1. Contractors: Stipulated sum contracts are commonly used in the construction industry, where contractors agree to perform certain work or provide specific services at a fixed, predetermined price. Contractors typically need stipulated sum agreements to establish the scope of work, timelines, and payment terms with their clients.
2. Clients or project owners: Clients or project owners who want to engage contractors or service providers for a specific project often require a stipulated sum contract. This type of agreement helps set clear expectations and ensures that the project is completed within the agreed-upon budget.
3. Service providers: Stipulated sum contracts may also be relevant for various service providers, such as consultants, designers, or maintenance companies. These professionals may need to offer their services at a fixed price, ensuring transparency and avoiding any unexpected costs for their clients.

Remember, stipulated sum contracts are legally binding agreements, so it's important to understand the terms and obligations involved before committing to them.

For pdfFiller’s FAQs

What is stipulated sum?

The stipulated sum is a fixed amount agreed upon in a contract for the completion of a construction project.

Who is required to file stipulated sum?

The contractor or party responsible for the construction project is required to file the stipulated sum.

How to fill out stipulated sum?

The stipulated sum is typically filled out in the contract documents or agreement between the parties involved in the construction project.

What is the purpose of stipulated sum?

The purpose of the stipulated sum is to provide clarity and certainty regarding the cost of the construction project.

What information must be reported on stipulated sum?

The stipulated sum should include details such as the total cost of the project, payment schedule, and any specific terms and conditions.

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