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Contract Analysis
Analyzing a Construction Contract
The contract chosen for analysis in this study is a construction contract. This contract would be used for example in the construction of an office building. The parties involved in this contract are John Smith, contractor, and Tom Brown, owner. This contract is being used for the construction of an office building for Tom Brown.
Laws Governing the Contract
The laws that govern this contract are those of the State of Alabama. The contractor agrees to furnish all labor and materials needed to construct the office building for Tom Brown and furthermore, the owner, Tom Brown, states that the properly is free from debts, liens, and other encumbrances.
In Section Two, the contractor agrees to construct the office building so that it conforms to the plans and specifications, breakdown, and binder receipt that has been signed by both the owner and contractor. The contract state that the contractor will not be responsible for any improvements to the structure including such as landscaping, grading, laying walkways, installing water, sewer, steps, driveways, patios and so forth unless these are stated in the breakdown of the contract construction specifications.
III. Payments Specified in the Contract
In this specific scenario, the contractor will be paid the amount of $44,000.00 for his work and this is to be paid in four installments of $11,000.00 each. Each payment will be made on the first day of the month for a period of four months beginning September 1, 2012 and ending December 1, 2012. The contract...
If the installment payment is not made within ten days after that installment payment is due the contractor may take such action as he deem necessary and this includes legal proceedings to enforce his rights to be paid.
IV. Responsibilities of the Owner
Before the construction on the office building begins, the owner is responsible for providing the following:
(1) A "clear accessible building site" that has been properly excavated and correctly zoned for the structure and that the boundaries of the owner's property by all stakes at all corners.
(2) The owner is responsible for maintaining the stakes in proper position throughout the duration of the construction project.
(3) If the owner is unable to obtain a building permit within thirty days from the date the contract agreement is signed the contractor has the right to declare the agreement null and void.
(4) Before construction and throughout the construction project, the owner is responsible for providing and maintaining, at his expense, an all weather roadway to the building site and water and electricity to include a 220-amp outlet.
(5) The owner, at his own expense may connect a permanent electrical line as well as gas and oil service and the tanks and lines to the building upon cover inspection and before wall covering is added to the building.
(6) The owner also may connect sewage disposal and water…
Bibliography
Business Contract Form (2012) Free Legal Forms. Retrieved from: http://www.yourfreelegalforms.com/item_601/Construction-Contract.html
Mallor, J.P., Barnes, A.J., Bowers, T., & Langvardt, A.W. (2007). Business law: The ethical, global, and e-commerce environment (13th ed.). Chicago, IL: McGraw-Hill.
APPENDIX
Construction Contract
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