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The Stipulated Price Contract is a fundamental agreement type in Indian commercial transactions, particularly suited for projects where the scope can be clearly defined and quantified. This contract type is extensively used across India when parties seek price certainty and clear risk allocation in their commercial relationships. The document encompasses comprehensive terms covering scope, quality standards, timeline, and payment terms, all structured within the framework of Indian law, particularly the Indian Contract Act, 1872, and various sector-specific regulations. It's especially valuable in construction, infrastructure, and large-scale service projects where budget certainty is crucial. The agreement typically includes detailed specifications, making it suitable for projects where the requirements can be well-defined upfront and where changes during execution are expected to be minimal.

1. Parties: Identification and details of the contracting parties including their registered addresses and authorized representatives

2. Background: Context of the agreement, relationship between parties, and brief description of the project or work scope

3. Definitions: Detailed definitions of terms used throughout the contract to ensure clear interpretation

4. Scope of Work: Detailed description of the work, deliverables, or services to be provided under the contract

5. Contract Price: Clear statement of the stipulated/fixed price, including any applicable taxes and duties

6. Payment Terms: Payment schedule, milestones, invoicing requirements, and payment methods

7. Timeline and Completion: Project schedule, milestones, completion criteria, and delivery dates

8. Quality Standards: Required quality standards, specifications, and acceptance criteria

9. Obligations of the Contractor: Detailed responsibilities and obligations of the party providing the work/services

10. Obligations of the Client: Responsibilities and obligations of the party receiving and paying for the work/services

11. Warranties and Representations: Warranties regarding work quality, compliance with laws, and capacity to contract

12. Indemnification: Mutual indemnification clauses protecting parties against losses and damages

13. Force Majeure: Provisions for handling unforeseen circumstances that prevent contract performance

14. Termination: Conditions and procedures for contract termination, including notice periods

15. Dispute Resolution: Procedures for resolving disputes, including arbitration provisions

16. Governing Law: Specification of Indian law as governing law and jurisdiction

17. Notices: Process and addresses for serving formal notices under the contract

18. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability