Risk factors should be included in the contract to protect the interests of the owner. If you do not read the written agreement, you will not be in a defensive position. The supply of products and services is mentioned in the contract between the owner and the contractor. After several meetings with different contractors/builders to build your dream home and through several building quotes, after which you choose the contractor you think is the right person for building your home in Bangalore. Cost or cost-plus: In a cost-plus contract, the owner reimburses the contractor for all costs incurred during construction, such as equipment and work. The owner also pays an agreed profit margin, usually a flat fee or a percentage of the total cost. 11. If the owner decides to provide the necessary building materials, he is credited with the cost of these materials and the value is deducted from the current invoice immediately below. The standard agreement between the owner and the contractor will contain full details of the construction. The construction must be carried out as a local construction. The contract should include drawings and specifications approved by the relevant authority. Details of the authorization granted by the local government should also be mentioned in the agreement.
b) Architects have the power to order the removal of defective materials or works from the works in order to order replacement materials in accordance with this agreement and schedules. The success of the construction depends on clearly defined expectations and schedules. Errors or delays have negative effects on both homeowners and contractors, resulting in additional costs for homeowners, who cannot use the property for the intended purpose on the scheduled date and result in additional work and equipment costs for contractors. If you do not pay according to the date indicated in the agreement, you can pay the fine.