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.

(No Ratings Yet)

Sample Template Preview

Erection of building.

Recitals:
It is the desire and agreement of the parties to this agreement, that A shall convey to B the tract of land described first in this agreement, and further to erect, or cause to be erected on it, a modern _________ story brick veneer, _________ apartment building as specified below, and for the considerations set forth:
Therefore, A agrees to erect, or cause to be erected upon the tract of land first described, the apartment house in accordance with the preliminary floor plans, and preliminary specifications which have been agreed upon by the parties, and are now on file in the office of the _________ Company, of the City of _________, _________ County, _________. A copy of which preliminary plans and specifications is attached to this agreement. A shall, promptly upon the execution of this contract, employ a competent and reputable architect to draw the detailed plans and specifications for such apartment building, to conform to the above-mentioned plans and specifications. When the detailed plans and specifications are completed by such architect, they are to be properly and formally approved by B, after objections and corrections not increasing the cost of the building made by B are met and made, which approval shall be not later than _________ days after delivery of the plans and specifications. A shall then contract for the erection of the apartment building in accordance with the detailed and final plans and specifications with some reputable and reliable contractor, construction to commence not later than _________ days after acceptance of the plans and specifications and to be under the general supervision of the architect employed by A. A proper bond of not less than $_____ shall be given to insure the completion of the apartment building in accordance with the detailed plans and specifications mentioned in this agreement.