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Erection of Building-Sales and Exchanges

Erection of Building-Sales and Exchanges

In the case of erection of buildings for sales and exchanges, an agreement is drawn up and in the agreement it is stated that the first party of the agreement not only will convey to the second party the land that is agreed upon but also will erect a building. This building will be as per the specifications agreed upon by both parties. It can be a modern building or made of story brick veneers or even an apartment building.

As per the agreement the first party will erect the building as per the floor plans as well as the specifications which are agreed upon by the parties and these plans and specifications are then filed with the office in the county of the city in which this land is located. As per the plan and the specifications, the first party will execute the contract and have an architect to draw detailed plans for the building. These plans that are drawn by the architect need to be approved by the second party in question. Incase there are objections or corrections, it needs to be done keeping the cost constant.

As per the agreement, these objections or corrections need to be made within a stipulated time frame of the plans and specifications being submitted to the second party by the first.

Then post accepting the work needs to commence within a specified timeframe and the supervision is to be done by the first party in question. In addition a bond needs to be made to ensure that it will be completed in the given time as per the plans.

 

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