Draft of BUILDING AGREEMENT BETWEEN THE OWNERS AND THE CONTRACTOR ON FEE PLUS COST OF LABOUR AND MATERIALS
THIS AGREEMENT made at……………………. on this ……………. day of …………… 2000, between ABC Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at ……………….. (hereinafter called the “owners”, which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors and assigns) of the ONE PART and XYZ Co. Ltd., a company incorporated under the Companies Act, 1956, and having its registered office at……………………. (hereinafter called the “Contractors”, which expression shall unless repugnant to the context or meaning thereof, be deemed to include its successors and assigns) of the OTHER PART.
WHEREAS the owners are absolutely seized and possessed of the plot of land or otherwise well and sufficiently entitled to the plot of land bearing No…….. City Survey No. ………… Khasra No. …………. Tehsil and District ………………………, which land, is more particularly described in the First Schedule hereunder written and referred to as “the said land”.
AND WHEREAS the owners are desirous of constructing flats for its executives to as per site plans prepared by ………………………. the architects and approved by the Municipal Corporation of ……………………………. true copies whereof are annexed hereto, and marked as Annexure A for the purpose of reference.
AND WHEREAS the contractors have offered to construct the said flats according to the said plan (hereinafter referred to as the said works) on the fee plus cost system and on the terms and conditions mentioned hereafter.
NOW IT IS AGREED BETWEEN THE PARTIES AS UNDER:
1. That the contractors agree to construct the flats in accordance with the site plans annexed hereto and marked as Annexure A, strictly in accordance with the specifications and conditions of contract set out in Second and Third Schedules hereunder written; provided that the owners shall be entitled to require such changes or alterations in the said plans, as they may deem necessary to suit their requirements and the contractors agree to undertake to get the said alterations or changes approved by the Municipal Corporation of ……………. and execute the said alterations or changes.
2. The contractors will abide by the directions of …………. Architects, during the progress of the said works and will complete the said works agreed to be done on or before the expiry of …………….. months from the date of execution of these presents. The contractors undertake that they will execute the said works in the best and soundest way and in the most economical manner keeping the interest of the owners in view.
3. The owners agree to pay to the contractors the remuneration of Rs. ………… and shall reimburse them the expenses incurred by them in connection with the completion of the said works such costs to include the following items:
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