A building construction agreement is entered into between the owner of a property and a builder for the purpose of constructing a building. The agreement sets out all the details necessary for undertaking the construction on mutually agreed terms.
The agreement has to be signed by both the parties to the contract for having agreed to the terms and conditions specified in this agreement.
The agreement provides conditions such as name and address of the owner and the builder, address of the property where construction needs to be undertaken, area of the property, liabilities of the builder, settlement of amount by the owner and in what time periods, time period for completion of the project, penalty for delay in project, budget for the project, permit for construction provided by owner to the builder, responsibilities of builder for any mishaps during construction, termination of project and clauses thereof, technical specifications of the construction project, material specifications needed for construction, manpower for the project etc.
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