An Oklahoma Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legally binding agreement between a property owner (referred to as the "Owner") and a contractor (referred to as the "Contractor") for the construction of a building in Oklahoma. This type of contract ensures that the construction project will be carried out according to specific requirements and specifications outlined in the Enumerated Contract Documents, which include architectural plans, engineering drawings, specifications, and other relevant documentation. The Oklahoma Contract for Construction of Building outlines the responsibilities and obligations of both parties involved in the project. It establishes the terms and conditions under which the Contractor will perform all work and supply all necessary materials. The contract typically includes the following key elements: 1. Parties involved: The contract identifies the Owner and the Contractor, along with their contact information and legal representation, if applicable. 2. Scope of Work: The contract clearly defines the scope of work to be performed by the Contractor. This includes all construction tasks, such as site preparation, excavation, foundation work, structural framing, electrical and plumbing installations, HVAC systems, finishing works, and any other requirements stated in the Enumerated Contract Documents. 3. Project Schedule: The contract may specify the project start and completion dates or include a detailed construction timeline. It may also outline milestone events or a payment schedule tied to project progress. 4. Contract Price and Payments: The contract establishes the total contract price that the Owner agrees to pay the Contractor for the construction of the building. It may also detail the payment terms, including the schedule and method of payments, such as lump-sum payments or progress-based payments. 5. Change Orders: The contract may provide a mechanism for addressing changes in the project scope, specifications, or other contract terms. Change orders are typically used to document modifications requested by the Owner and agreed upon by the Contractor, including any adjustments to the contract price or timeline resulting from these changes. 6. Insurance and Liability: The contract typically addresses insurance requirements, such as general liability insurance and workers' compensation coverage, to protect both parties from potential risks during the construction process. 7. Dispute Resolution: The contract may include a clause specifying the procedure for resolving disputes that may arise during the construction project. It may require mediation, arbitration, or litigation, depending on the preferences of the parties involved. Different types of Oklahoma Contracts for Construction of Building can vary based on several factors, such as project size, complexity, and delivery method. Some common variations include: — Lump-Sum Contract: In this type of contract, the Contractor agrees to complete the entire project for a fixed sum agreed upon with the Owner. This format is commonly used for smaller construction projects with well-defined scopes of work. — Cost-Plus Contract: Also known as a time and material contract, this agreement reimburses the Contractor for the actual costs incurred during construction, including materials, labor, and overhead expenses. The Contractor may also receive a fixed fee or a percentage of the total project cost as compensation. — Design-Build Contract: This type of contract combines the roles of the Contractor and the designer/architect, providing a single point of responsibility for both the design and construction of the building. The design-build approach often leads to increased efficiency and streamlined communication. — Construction Management Contract: Under this arrangement, the Contractor takes on the role of a construction manager, working closely with the Owner and overseeing the entire construction process. This contract type is commonly used for larger or complex projects where close coordination and supervision are crucial. In summary, an Oklahoma Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a comprehensive agreement that ensures the successful completion of a building project in Oklahoma, specifying the responsibilities, scope of work, payment terms, and other crucial details related to the construction process.
Oklahoma Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents
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How to fill out Oklahoma Contract For Construction Of Building With Contractor To Furnish All Materials And Perform All Work As Required By Enumerated Contract Documents?
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On the basis of validity or enforceability, we have five different types of contracts as given below.Valid Contracts.Void Contract Or Agreement.Voidable Contract.Illegal Contract.Unenforceable Contracts.
What are the types of Construction Contracts?Lump Sum Contract.Cost Plus. Contract.Small Jobs. Contract.Large Jobs Contract.
One of the essential elements for a contract to be considered valid is consideration. Consideration can be monetary or it may take the form of a promise to carry out a particular act (such as services, money, etc.). Duration of Payment: Time based payments every 30 days, 45 days, etc.
It is important to include a description of the payment process in the contract, including the timing, documents required, approval process, and the terms of final payment. This clause should contain language about how often payments are to be made on an on-going project.
The eight types of construction contracts include:cost-plus construction contract.design and build contract.guaranteed maximum price contract.incentive construction contract.integrated project delivery contract.lump-sum contract.time and materials contract.unit price contract.
Traditional contract On a traditionally-procured, fully-designed construction project, the contract documents for suppliers such as the main contractor are likely to include: Article of agreement and conditions of contract, for completing as a simple contract (or as a deed). Working drawings. Bills of quantities.
Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
Three Common Construction ContractsFIXED PRICE. Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts.COST PLUS.GUARANTEED MAXIMUM PRICE.
What Should Be in a Construction Contract?Identifying/Contact Information.Title and Description of the Project.Projected Timeline and Completion Date.Cost Estimate and Payment Schedule.Stop-Work Clause and Stop-Payment Clause.Act of God Clause.Change Order Agreement.Warranty.More items...