The Stipulated Price Contract is widely used in Singapore's construction industry when parties seek price certainty and clear risk allocation. It's particularly suitable for well-defined projects where the scope can be accurately determined at the outset. This contract type, operating under Singapore's robust legal framework, includes comprehensive terms covering work scope, payment mechanisms, quality standards, and completion requirements. It offers protection under SOPA and aligns with Singapore's Building Control Act and industry standards. The document typically incorporates detailed specifications, drawings, and bill of quantities, providing a clear basis for project execution and dispute resolution.
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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 contract
4. Scope of Work: Detailed description of works to be performed
5. Contract Price: Stipulated price and payment terms
6. Time for Completion: Project timeline and completion dates
7. Quality Standards: Required quality levels and standards
8. Variations: Process for handling changes to scope
9. Default and Termination: Conditions and procedures for contract termination
10. Governing Law: Specifies Singapore law as governing law
1. Performance Security: Bond or guarantee requirements for high-value contracts or when required by client
2. Insurance: Insurance requirements and obligations when specific coverage is needed
3. Liquidated Damages: Predetermined damages for specific breaches when quantifiable losses can be predicted
4. Dispute Resolution: Alternative dispute resolution procedures when specific resolution mechanisms are preferred
1. Schedule of Works: Detailed breakdown of work items and specifications
2. Bill of Quantities: Itemized list of quantities and prices
3. Technical Specifications: Detailed technical requirements and standards
4. Program of Works: Detailed project timeline and milestones
5. Drawing List: List of contract drawings and revisions
6. Schedule of Rates: Unit rates for potential variations
Relevant legal definitions
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