North Carolina Contract for Construction of Apartment Building with Financing by Contractor

• Category: Construction
• State: Multi-State
• Control #: US-13210BG
• Format: Word; Rich Text

Description

In this Agreement, the contractor for the construction of a building is also arranging the financing needed for the costs of building the building. North Carolina Contract for Construction of Apartment Building with Financing by Contractor is a legally binding agreement that outlines the terms and conditions between a property owner (referred to as "Owner") and a contractor (referred to as "Contractor") for the construction of an apartment building within the state of North Carolina. This contract also includes provisions for financing the project. Keywords: North Carolina, Contract for Construction, Apartment Building, Financing, Contractor, Property Owner, Terms and Conditions. Types of North Carolina Contracts for Construction of Apartment Building with Financing by Contractor: 1. Lump Sum Contract: Under this type of contract, the Contractor agrees to complete the construction of the apartment building for a fixed lump sum amount mentioned in the contract. The financing arrangement is typically outlined within the same contract. 2. Cost Plus Fixed Fee Contract: In this type of contract, the Contractor is reimbursed for the actual construction costs incurred, including labor, materials, and overhead, as defined by the contract. Additionally, the Contractor receives a fixed fee for their services. The financial arrangement and funding details are specified in the contract. 3. Unit Price Contract: This contract type involves a pricing mechanism based on a unit rate per square foot or unit of work. The total project cost is calculated by multiplying the unit rate by the quantity of work completed by the Contractor. The funding and payment terms are typically included within the contract. 4. Guaranteed Maximum Price (GMP) Contract: With a GMP contract, the Owner and Contractor agree upon a maximum price that the construction project will not exceed. The contract specifies the financing arrangement by the Contractor to ensure the project is completed within the agreed budget. 5. Design-Build Contract: In this type of contract, the Contractor is responsible for both the design and construction of the apartment building. It incorporates the financing arrangement and terms required for the project. 6. Construction Management Contract: This contract involves the Contractor providing construction management services, overseeing the construction process, coordinating subcontractors, and ensuring the project's successful completion. The financing terms, including the contractor's role, are detailed in the agreement. Regardless of the specific type of contract, it is crucial for both parties to thoroughly review and understand the terms and conditions, scope of work, payment schedule, warranties, timelines, change orders, and dispute resolution mechanisms before signing any legally binding agreement. It is advisable to seek legal counsel to ensure compliance with North Carolina construction laws and regulations.

North Carolina Contract for Construction of Apartment Building with Financing by Contractor is a legally binding agreement that outlines the terms and conditions between a property owner (referred to as "Owner") and a contractor (referred to as "Contractor") for the construction of an apartment building within the state of North Carolina. This contract also includes provisions for financing the project. Keywords: North Carolina, Contract for Construction, Apartment Building, Financing, Contractor, Property Owner, Terms and Conditions. Types of North Carolina Contracts for Construction of Apartment Building with Financing by Contractor: 1. Lump Sum Contract: Under this type of contract, the Contractor agrees to complete the construction of the apartment building for a fixed lump sum amount mentioned in the contract. The financing arrangement is typically outlined within the same contract. 2. Cost Plus Fixed Fee Contract: In this type of contract, the Contractor is reimbursed for the actual construction costs incurred, including labor, materials, and overhead, as defined by the contract. Additionally, the Contractor receives a fixed fee for their services. The financial arrangement and funding details are specified in the contract. 3. Unit Price Contract: This contract type involves a pricing mechanism based on a unit rate per square foot or unit of work. The total project cost is calculated by multiplying the unit rate by the quantity of work completed by the Contractor. The funding and payment terms are typically included within the contract. 4. Guaranteed Maximum Price (GMP) Contract: With a GMP contract, the Owner and Contractor agree upon a maximum price that the construction project will not exceed. The contract specifies the financing arrangement by the Contractor to ensure the project is completed within the agreed budget. 5. Design-Build Contract: In this type of contract, the Contractor is responsible for both the design and construction of the apartment building. It incorporates the financing arrangement and terms required for the project. 6. Construction Management Contract: This contract involves the Contractor providing construction management services, overseeing the construction process, coordinating subcontractors, and ensuring the project's successful completion. The financing terms, including the contractor's role, are detailed in the agreement. Regardless of the specific type of contract, it is crucial for both parties to thoroughly review and understand the terms and conditions, scope of work, payment schedule, warranties, timelines, change orders, and dispute resolution mechanisms before signing any legally binding agreement. It is advisable to seek legal counsel to ensure compliance with North Carolina construction laws and regulations.