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Cost Plus Construction Agreement
"Need a Cost Plus Construction Agreement for a new commercial building project in Singapore with a target completion date of March 2025, including specific provisions for sustainable building practices and a contractor's markup of 12%."
1. Parties: Identifies and defines the contracting parties
2. Background: Provides context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Scope of Work: Detailed description of construction work to be performed
5. Cost Plus Structure: Defines actual cost calculation and contractor's fee/markup
6. Payment Terms: Payment schedule, progress payments, and invoicing requirements
7. Time for Completion: Project timeline, milestones, and completion dates
8. Contractor's Obligations: Key responsibilities and duties of the contractor
9. Client's Obligations: Key responsibilities and duties of the client
10. Insurance and Indemnity: Required insurance coverage and indemnification provisions
1. Performance Bond: Security for performance, required for larger projects or when specified by client
2. Liquidated Damages: Pre-agreed damages for delay or non-performance, used when specific completion dates are critical
3. Green Building Requirements: Environmental and sustainability requirements for projects seeking green certification
4. Dispute Resolution: Specific dispute resolution procedures when parties want to specify alternative methods
1. Schedule of Rates: Detailed breakdown of labor and material rates
2. Project Specifications: Detailed technical specifications and requirements
3. Construction Drawings: Approved architectural and engineering drawings
4. Project Timeline: Detailed project schedule and milestones
5. Quality Assurance Plan: Quality control procedures and standards
6. Safety Management Plan: Site safety procedures and protocols
7. Insurance Certificates: Copies of required insurance policies
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