Get the free Stipulated sum contract - Home Builders Association of Jackson

CONSTRUCTION CONTRACT For a Stipulated Sum WHEREAS, (Contractor) a Mississippi corporation and (hereinafter collectively called Owner) desire to enter into a Contract for the Construction of improvements

How to fill out stipulated sum contract

How to fill out a stipulated sum contract:

1. Start by obtaining a copy of the stipulated sum contract template. This document will outline the terms and conditions of the agreement between the parties involved in the project.
2. Carefully review the contract to understand the obligations, responsibilities, and scope of work. Pay close attention to the project description, timelines, payment terms, and any special provisions or conditions.
3. Ensure that all necessary information is included in the contract, such as the names and contact details of the contracting parties, project address, and any relevant specifications or drawings.
4. Clearly define the scope of work, outlining in detail the specific tasks, materials, and services to be provided. This section should be comprehensive and leave no room for ambiguity or misinterpretation.
5. Specify the project timeline, including start and completion dates, as well as any milestones or key deliverables. It is important to set realistic deadlines and allow for potential delays or unforeseen circumstances.
6. Determine the contract sum or price for the project. This should be a fixed amount that both parties agree upon and includes all necessary costs, such as labor, materials, equipment, and overheads. Be sure to specify the payment terms, including any down payments, progress payments, or final payment upon completion.
7. Include any special provisions or conditions that may be unique to the project or require additional attention. These could include confidentiality agreements, dispute resolution mechanisms, or insurance requirements.
8. Once you have carefully reviewed and filled in all the necessary details, make sure to proofread the contract for any errors or inconsistencies. Seek legal advice if needed to ensure compliance with local laws and regulations.
9. Sign and date the stipulated sum contract, ensuring that all parties involved also sign the agreement. It is recommended to keep a copy of the signed contract for reference and future disputes.

Who needs a stipulated sum contract:

1. Contractors: Construction companies or individual contractors often use stipulated sum contracts to provide a fixed price for a project. This type of contract allows them to accurately estimate costs, manage risks, and ensure that they are appropriately compensated for their work.
2. Clients or project owners: Individuals or organizations who require construction or renovation work often use stipulated sum contracts to outline their expectations and protect their interests. This type of contract provides transparency, establishes a clear scope of work, and sets a fixed budget for the project.
3. Architects or designers: Professionals involved in the planning and design stages of a project may also use stipulated sum contracts to define the scope, quality standards, and budget for their services. This ensures that their designs and recommendations are accurately priced and implemented.

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What is stipulated sum contract?

A stipulated sum contract is a type of construction contract where the total contract price is determined as a fixed sum before work begins.

Who is required to file stipulated sum contract?

Typically, the general contractor or construction company is responsible for filing the stipulated sum contract.

How to fill out stipulated sum contract?

To fill out a stipulated sum contract, detailed information about the project scope, costs, timelines, and responsibilities of each party must be included.

What is the purpose of stipulated sum contract?

The purpose of stipulated sum contract is to provide both parties with a clear understanding of the project scope, costs, and timelines to avoid any disputes during construction.

What information must be reported on stipulated sum contract?

The stipulated sum contract must include project details, costs, payment terms, project schedules, change order procedures, and dispute resolution processes.