Prime Building Contract [Type 1]
THIS AGREEMENT IS BETWEEN:
Contractor's License Number:
A N D
CONSTRUCTION LENDER: Name and address of construction fund holder is:
DESCRIPTION OF PROJECT (according to the plans and specifications, including materials and equipment to be used or installed):
Contractor will furnish all labor, materials and equipment to construct in a good workmanlike manner:
WORK TO BE PERFORMED AT:
TIME FOR COMPLETION: The work to be performed by Contractor pursuant to this Agreement shall be substantially completed within __________ ( ) days or approximately on (Date): _________.
PAYMENT: This is a cash transaction. Owner agrees to pay Contractor a total cash price of $ ______.
DOWN PAYMENT (if any) $ ______.
PAYMENT SCHEDULE as follows:
INTEREST: Overdue payments will bear interest at the rate of _______ % per month.
OTHER TERMS AND CONDITIONS (specify other terms and conditions):
OWNER SIGNATURE DATE
CONTRACTOR SIGNATURE DATE