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Work on the Construction Project will commence no later than days after the Effective Date of this Construction Contract, or after Contractor receives notice from Owner of approval of any construction loan, whichever is later (“Commencement Date”).ģ.3. The Contractor needs to know that money will be available to pay them before work commences.ģ.2. It is common for construction projects to be contingent on the owner obtaining financing. Upon completion of the following scope of work, Contractor will be entitled to payment of Milestone 5 payment – Upon completion of the following scope of work, Contractor will be entitled to payment of Milestone 4 payment –Ģ.2.5. Upon completion of the following scope of work, Contractor will be entitled to payment of Milestone 3 payment –Ģ.2.4.
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Upon completion of the following scope of work, Contractor will be entitled to payment of Milestone 2 payment –Ģ.2.3. Upon completion of the following scope of work, Contractor will be entitled to payment of Milestone 1 payment –Ģ.2.2. Upon completion of the scope of work designated in the following milestones, partial payments will be made by Owner to Contractor within 10 days of notice of milestone completion submitted by Contractor to Owner, subject to any applicable dispute provisions in this Construction Contract –Ģ.2.1. In consideration for the work performed by Contractor on the Construction Project, Owner will pay to Contractor the total sum of $ Total project cost, according to the milestones set forth below, and subject to modification on account of any change orders to the scope of work made by the Parties according to the terms of this Construction Contract.Ģ.2. It is common practice to identify the type of document, who prepared them, the date that appears on the documents, and the number of pages. List them in a manner that there is no dispute between the Parties as to what they are. provided from architects and designers and set out the specific details of the construction project. There will usually be a collection of documents, blueprints, lists of specifications, etc.