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Construction Payment Contract

Construction Payment Contract Template for New Zealand

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Key Requirements PROMPT example:

Construction Payment Contract

"I need a Construction Payment Contract for a commercial office building project in Auckland, New Zealand, with a contract value of NZD 5 million and monthly progress payments, starting March 2025."

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Document background
The Construction Payment Contract is a specialized agreement designed for use in New Zealand construction projects to establish and manage payment obligations between parties. It is particularly important given the requirements of the Construction Contracts Act 2002, which mandates specific payment procedures and protections in the construction industry. This document type should be used whenever engaging in construction work in New Zealand, whether for commercial, residential, or infrastructure projects. It includes essential provisions for progress payments, payment claims and schedules, retention monies, and dispute resolution procedures. The contract ensures compliance with local legislation while protecting both principals' and contractors' interests in the payment process. It's designed to prevent payment disputes and provide clear remedies when they arise, making it a crucial document for any construction project in New Zealand.
Suggested Sections

1. Parties: Identification and details of the contractor and principal/client

2. Background: Context of the agreement and general purpose of the construction work

3. Definitions: Key terms used throughout the contract, including payment-related terminology

4. Scope of Work: General description of the construction work to be performed

5. Contract Price: Total contract sum and payment structure

6. Payment Terms: Detailed payment provisions including payment claims, schedules, and timeframes as per Construction Contracts Act

7. Time for Performance: Project timeline, completion dates, and milestones

8. Variations: Process for managing changes to scope and corresponding payment adjustments

9. Default and Termination: Circumstances constituting default and termination procedures

10. Dispute Resolution: Process for resolving disputes as per Construction Contracts Act requirements

11. General Provisions: Standard contract clauses including notices, governing law, and interpretation

Optional Sections

1. Retention: Terms for retention monies, used when project requires retention holdings

2. Bond Provisions: Details of performance bonds or payment bonds, included for larger projects

3. Insurance: Specific insurance requirements beyond standard coverage

4. Health and Safety: Detailed health and safety obligations, for high-risk or complex projects

5. Intellectual Property: IP provisions when design elements are included in the scope

6. Subcontracting: Terms for engaging and managing subcontractors, for projects allowing subcontracting

7. Confidentiality: Confidentiality obligations, for sensitive or high-value projects

8. Force Majeure: Provisions for unforeseen events, particularly relevant for longer-term projects

Suggested Schedules

1. Schedule 1 - Scope of Works: Detailed specifications and drawings of the construction work

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts, milestones, and timing

3. Schedule 3 - Program of Works: Detailed timeline and construction schedule

4. Schedule 4 - Site Information: Details about the construction site and access arrangements

5. Schedule 5 - Special Conditions: Any project-specific requirements or variations to standard terms

6. Schedule 6 - Key Personnel: Details of key staff and their responsibilities

7. Appendix A - Required Insurance Certificates: Copies of insurance policies and certificates

8. Appendix B - Health and Safety Plan: Detailed health and safety procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses








































Relevant Industries

Commercial Construction

Residential Construction

Industrial Construction

Infrastructure Development

Civil Engineering

Building and Development

Property Development

Mining Construction

Energy Infrastructure

Public Works

Relevant Teams

Legal

Finance

Construction

Operations

Commercial

Procurement

Risk Management

Project Management

Contract Administration

Claims Management

Relevant Roles

Construction Manager

Project Manager

Quantity Surveyor

Contract Administrator

Commercial Manager

Legal Counsel

Finance Manager

Operations Director

Site Manager

Procurement Manager

Risk Manager

Claims Manager

Managing Director

Chief Financial Officer

Construction Director

Principal Contractor

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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