Get the free FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)

This document serves as a legally binding contract between a contractor and an owner for construction work, outlining the responsibilities, payment terms, and legal obligations of both parties involved

How to fill out form no 484 builders

How to fill out FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)

1. Obtain FORM No. 484 – BUILDER’S CONTRACT (Fixed Price) from the appropriate source.
2. Read the instructions carefully to understand the requirements of the form.
3. Fill in the 'Parties' section with the names and addresses of both the builder and the client.
4. Specify the project details including the address and description of the work to be done in the designated sections.
5. Outline the fixed price terms clearly, detailing payment schedules and amounts due at various stages of the project.
6. Include any necessary clauses regarding changes to the scope of work and the process for handling such changes.
7. Fill out sections related to timelines, including start and completion dates.
8. Provide information on warranties and guarantees as required by law or agreed upon by parties.
9. Review the completed form for accuracy and completeness.
10. Have both parties sign and date the form to make it legally binding.

Who needs FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

1. Homeowners looking to hire a contractor for construction or renovation projects.
2. Builders and contractors who need to formalize a contract with clients for fixed-price work.
3. Real estate developers requiring a standard contract for building projects.
4. Legal professionals drafting contracts for clients in the construction industry.

People Also Ask about

What is an example of fixed pricing?

A subscription service, such as a gym membership, is a simple example of a fixed-price system. The price is typically fixed for a year and then adjusts to account for any inflation during the year.

What is a fixed cost contract type?

A firm-fixed-price contract provides for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract. This contract type places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss.

What is the fixed-price contract?

A fixed-price contract is a contractual agreement with a predetermined value for the goods or services provided. A fixed-price contract sets the terms of a project and establishes the price of goods or services. It outlines exactly what the seller is required to do and the seller's obligations for a firm price.

What are the 4 construction contracts?

In this article, we will review the most common types of construction contracts, including a cost plus contract, lump sum contract, unit price contract type, and time & material contract.

What are the disadvantages of fixed price contracts?

Fixed-Price Contract Risks and Disadvantages One gains, one loses. Fixed-Price contracts always benefit one side – it's either you or your contractor. Fixed-Price contract means fixed scope. Poor relationship. Profitability first. Extremely detailed specification. Not what you expected.

What does "fixed price" mean?

a price that will not change after it is agreed: We agreed to purchase the finished goods at a fixed price. With a fixed-price contract, the builder pays all extra costs beyond its agreed-upon value.

What is a fixed price contract?

A fixed price contract is an agreement where you pay (or are paid) an agreed sum for a clearly defined job – offering budget certainty but requiring detailed scope upfront. Fixed pricing is widely used in Australia for projects with predictable requirements and minimal scope-change risk.

What are the risks of a fixed-price contract?

Seller's risk: The risk of cost overruns and unforeseen challenges falls primarily on the seller in fixed-price contracts. If the seller underestimates the costs, they may face financial losses. Scope changes: Fixed-price contracts may encounter difficulties if the project scope changes significantly during execution.

For pdfFiller’s FAQs

What is FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

FORM No. 484 – BUILDER’S CONTRACT (Fixed Price) is a formal agreement utilized in construction projects that establishes a fixed price for the services and materials to be provided by the builder to the client.

Who is required to file FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

The builder or contractor who is entering into a fixed-price agreement with a client is required to file FORM No. 484.

How to fill out FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

To fill out FORM No. 484, the builder must provide relevant project details, including the scope of work, the total fixed price, timelines, and the parties involved, ensuring all sections are accurately completed and signed by both parties.

What is the purpose of FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

The purpose of FORM No. 484 is to formalize the contractual agreement between a builder and a client, outlining the expectations, deliverables, and payment terms associated with a construction project.

What information must be reported on FORM No. 484 – BUILDER’S CONTRACT (Fixed Price)?

FORM No. 484 must report information such as the names and addresses of the parties involved, project description, fixed price, payment schedule, project timelines, and any specific terms and conditions of the contract.