This Contract Agreement ("Contract") is made as of the 10th day of January, 2025, by and between Building Masters Ltd, a construction company with an address at 30 Lowburn Place, Clover Park, Auckland 2019, New Zealand ("Contractor"), and Kelly, an individual with an address at 30B Walter Rd, Mt Wellington, Auckland 1062, New Zealand ("Owner"), collectively referred to as the "Parties."
1. DESCRIPTION OF WORK
The Contractor agrees to perform all necessary work and provide all required materials, tools, machinery, and supervision for the construction of a single residential unit at 30A Walter Rd, Mt Wellington, Auckland 1062, New Zealand ("Work"). The Work will be completed in accordance with plans, specifications, and any approved changes mutually agreed upon by the Parties.
2. CONTRACT PRICE AND PAYMENTS
2.1 The Owner agrees to pay the Contractor a total sum of NZD 242,190.00 (inclusive of GST), referred to as the "Contract Price." Adjustments to the Contract Price may occur only through written agreement between the Parties for approved changes to the scope of Work.
2.2 Payments will be made according to the following schedule:
- • NZD 72,657.00 due upon commencement of Ground Work.
- • NZD 72,657.00 due upon commencement of Roofing.
- • NZD 72,657.00 due upon commencement of External Wall.
- • NZD 24,219.00 due upon Final Inspection.
2.3 Payments shall be made by bank transfer to the Contractor's designated account, and payment is considered completed upon confirmation of receipt by the Contractor.
2.4 Any late payments by the Owner shall accrue interest at a rate of 1.5% per month, calculated daily from the due date until payment is received.
3. TIMEFRAME AND MILESTONES
3.1 The Contractor will commence Work within 14 days of receiving the initial payment.
3.2 The Contractor agrees to achieve the following milestones:
- • Completion of Ground Work within 60 days of commencement.
- • Completion of Roofing within 120 days of commencement.
- • Completion of External Wall within 180 days of commencement.
- • Final Inspection and delivery of Work within 240 days of commencement.
3.3 Delays caused by unforeseen circumstances, such as extreme weather, supply chain disruptions, or acts of God, will be communicated promptly to the Owner and may extend the agreed timeframe, subject to mutual agreement.
4. WARRANTIES
4.1 The Contractor warrants that:
- • The materials and workmanship provided under this Contract will conform to industry standards and applicable regulations.
- • The Work will be free from defects for a period of 12 months following Final Inspection.
4.2 The Owner agrees to notify the Contractor promptly of any defects within the warranty period. The Contractor will repair or replace defective materials or workmanship at no additional cost to the Owner, except where the defects result from misuse or unauthorized modifications by the Owner.
5. INSURANCE AND LIABILITY
5.1 The Contractor shall maintain adequate public liability insurance and workers' compensation insurance for the duration of the Work.
5.2 The Owner shall maintain property insurance covering the site and any existing structures.
5.3 Neither Party shall be liable to the other for indirect, incidental, or consequential damages arising from the performance of this Contract.
6. TERMINATION
6.1 Either Party may terminate this Contract with written notice if the other Party fails to meet their obligations under this Contract and does not remedy the breach within 14 days of receiving written notice.
6.2 Upon termination, the Contractor shall be compensated for all Work completed up to the date of termination, including reasonable expenses incurred.
7. DISPUTE RESOLUTION
7.1 Any disputes arising under this Contract shall first be resolved through good-faith negotiations between the Parties.
7.2 If negotiations fail, the dispute shall be referred to mediation by a neutral mediator in Auckland, New Zealand. If mediation does not resolve the dispute, the Parties agree to submit to the jurisdiction of the District Court of Auckland.
8. GENERAL PROVISIONS
8.1 Entire Agreement: This Contract constitutes the entire agreement between the Parties and supersedes any prior agreements or understandings.
8.2 Amendments: Any amendments to this Contract must be made in writing and signed by both Parties.
8.3 Governing Law: This Contract shall be governed by the laws of New Zealand.
8.4 Notices: All notices under this Contract shall be delivered in writing to the addresses provided for each Party.
SIGNATURES
The Parties have executed this Contract as of the date first above written.
Building Masters Ltd
Signed: _____________________________
Authorised Representative Name: __________________________
Title: ___________________________
Date: ___________________________
Client
Signed:
Name:
Date: ___________________________
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