A project development and construction contract agreement is one that is entered into between a builder and the owner of the property. The agreement encompasses the entire process of construction which includes initial project development stage until the final completion of construction activity. The agreement also has clauses such as the initial deposit that the builder has to pay to the owner as goodwill for assigning the project development activity.
Some of the important aspects that the agreement carries include names and addresses of the parties namely owner and the builder, total cost of the project, project development duration, technical specifications of the project like electrical, plumbing, fittings etc. the agreement also includes the various clauses for continuation and termination of the contract and the conditions thereof. The contract agreement has to be signed by both the parties to the agreement along with date and two witnesses at the end of the agreement.
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