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Contract For Construction of Private Road
-----------------------, referred to as Contractor, and ------------------------, referred to as Owner, agree:
Contractor shall build, using first class materials and workmanship, a private road for Owner, of an approximate length of feet in length, approximately in width. Such work shall be in conformity with the detailed plans and specifications stated in the attached exhibit "1."
Such work shall begin no later than ____________, 20___, and shall be complete by ______________, 20___. In the event of inclement weather which reasonably would prevent work, the time for completion shall be extended the number of days lost to inclement weather. Contractor shall be entitled to an extension of time equal to the amount lost for labor unrest or material shortages.
Time is of the essence in this contract. The parties agree that a failure to complete the contract as agreed, that the Owner shall suffer losses, which are difficult of calculation. The parties agree that as a provision solely for liquidated damages, and not as a penalty, that the Owner shall be entitled to a reduction in the contract price, or refund of payments made, of $------ per day.
The Contractor shall maintain public liability insurance with minimum limits of at least $------ and worker's compensation insurance to cover its servants and employees. Upon the request of the Owner, Contractor shall provide proof of such coverage.
The total contract price shall be $ (dollars).
Progress payments shall be made as follows:
1/3 of the contract price upon completion of grading, excavating and other site preparation.
1/3 of the contract price upon completion of the base.
1/6 upon substantial completion.
Prior to any progress payment, the Contractor, upon request, shall provide an affidavit of payment of all material suppliers, sub-contractors and material person.
The remaining contract price shall be paid upon completion and provision of an affidavit from the Contractor of payment in full of any and all entities entitled to file a construction or other lien as a result of products or services provided by such claimants.
No changes or extras shall be honored unless a change order is executed by the parties.
The work shall be guaranteed for a period of months after completion by Contractor.
Any disputes herein shall be submitted to a neutral professional engineer experienced in road building for binding arbitration. The costs of such arbitration shall be borne by the losing party. Any award may be entered as a judgment in any court with jurisdiction.
The rights and duties under this agreement are personal and may not be assigned without the prior consent of the other party to this agreement.
This is the entire agreement between the parties, and this agreement may only be altered in writing executed by the parties hereto.