Common use of CONTRACT PRICE AND CONSTRUCTION Clause in Contracts

CONTRACT PRICE AND CONSTRUCTION. 1.1 The contract price for the construction of a building as set out in paragraph 2 which contract price includes the cost for the preparation of the land for building is the amount of R (V.A.T. at 15% included) and payable by way of progress payment by the Employer as the work progresses, as set out hereinafter. If requested in writing, and if all the suspensive conditions have been fulfilled, the Employer must within 14 (fourteen) days furnish the Contractor or his Agent with a bank guarantee for the full building price to the satisfaction of the Contractor. Should the rate of the VAT at any stage during the construction period be increased by the appropriate authorities, having the affect that the Contractor is to pay the Receiver of Revenue a higher output rate, the balance outstanding to the Contractor under this contract shall be increased with the same percentage with which the VAT has been increased. 1.1.1 This building contract is subject to the Employer obtaining finance from a Financial Institution for the amount referred to in Para 2.1 of the Offer to Purchase between Vissershok Investments (Pty) Ltd and the Employer(s). For the Purchase of the erf mentioned in paragraph 2 of this agreement and the construction of the building as specified in this building agreement of which at least. 1.1.2 R must be allocated for the construction of the building. 1.1.3 R being a cash contribution by the employer. 1.2 PAYMENT OF THE CONTRACT PRICE IF NOT TURN KEY AS PER CLAUSE 8. 1.2.1.1 The contract price is to be paid in the following instalments and within 5 days after payment request by the Contractor The first instalment being 30% of the Contract Price shall be paid upon the completion of the first section of the Works namely: (a) All foundations completed (b) Brickwork to roof height, backfilling and floor cast. (c) Brickwork internal and external walls completed, except gables and beam filling. 1.2.1.2 The second instalment being 30% of the Contract Price shall be paid upon the completion of the second section of the works namely: a) Roof trusses and roof covering b) Brickwork gables and beam filing completed. c) Internal and external walls plastered. d) Ceilings and cornices fixed. 1.2.1.3 The third instalment being 20% of the Contract Price shall be paid upon the completion of the third section of the works namely: a) Cupboards carcasses fitted. b) Doors hung with locks fitted. c) Electrical tubing fitted. d) Plumbing pipes and drainage fitted.

CONTRACT PRICE AND CONSTRUCTION. 1.1 The contract price for the construction of a building as set out in paragraph 2 para 2, which contract price includes the cost for the preparation of the land for building building, is the amount of R (V.A.T. at 15% included) and payable by way of progress payment by the Employer as the work progresses, as set out hereinafter. If requested in writing, and if all the suspensive conditions have been fulfilled, the Employer Purchaser must within 14 (fourteen) days furnish the Contractor or his Agent with a bank guarantee for the full building price to the satisfaction of the Contractor. Should the rate of the VAT at any stage during the construction period be increased by the appropriate authorities, having the affect that the Contractor is to pay the Receiver of Revenue a higher output rate, the balance outstanding to the Contractor under this contract shall be increased with the same percentage with which the VAT has been increased. 1.1.1 This building contract is subject to the Employer Purchaser obtaining finance from a Financial Institution for the amount referred to in Para para 2.1 of the Offer to Purchase between Vissershok Investments (Pty) Ltd and the Employer(sPurchaser(s). For , for the Purchase of the erf mentioned in paragraph para 2 of this that agreement and the construction of the building as specified in this building agreement agreement, of which at least. 1.1.2 1.1.1.1 R construction of the building must be allocated for the construction of the building.the 1.1.3 1.1.1.2 R being a cash contribution by the employerPurchaser. 1.2 PAYMENT OF THE CONTRACT PRICE IF NOT TURN KEY TURNKEY AS PER CLAUSE PARA 8. 1.2.1.1 1.2.1 The contract price is to be paid in the following instalments and within 5 days after payment request by the Contractor The first instalment being 30% of the Contract Price shall be paid upon the completion of the first section of the Works namely: (a) All foundations completed (b) Brickwork to roof height, backfilling and floor cast. (c) Brickwork internal and external walls completed, except gables and beam filling. 1.2.1.2 1.2.2 The second instalment being 30% of the Contract Price shall be paid upon the completion of the second section of the works namely: a) Roof trusses and roof covering b) Brickwork gables and beam filing completed. c) Internal and external walls plastered. d) Ceilings and cornices fixed. 1.2.1.3 1.2.3 The third instalment being 20% of the Contract Price shall be paid upon the completion of the third section of the works namely: a) Cupboards carcasses fitted. b) Doors hung with locks fitted. c) Electrical tubing fitted. d) Plumbing pipes and drainage fitted.