Building Agreement Template Page 7
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
132.1.15. Local Authority:
means the Local Authority having jurisdiction over the
Property, being the City of Cape Town
2.1.16. Normal Wear and Tear:
means the Normal Wear and Tear ascribed to improvements
to fixed property in general, including but not limited to touch-
up paint of any nature, hairline crack in the plaster work, any
shrinkage/movement and expansion cracks between different
components/materials used or cracking which might appear in
control movement joints, any mould growth caused by a lack
of ventilation and/or condensation, any doors and windows
slamming in windy conditions or any damages caused therby,
wind and rain entering through open windows and doors and
hot water cylinders which is covered by the guarantee issued
by the supplier thereof:
2.1.17. Parties:
a collective reference to the Contractor and the Employer and
“Party” means one of them;
2.1.18. Prime Overdraft Rate:
means the rate of interest per year, which is equal to Absa
Bank’s Limited publicly quoted Prime Overdraft Rate;
2.1.19. Plan:
a copy of which is annexed hereto as Annexure C and shall
for the purpose of this Agreement means the signed drawings
of the Works, which shall form the basis for drawings to be
submitted to the Local Authority for approval. Upon approval
thereof, the approved Plan shall substitute the drawings and
be deemed to be the Plan selected and approved by the
Parties for the purpose of this Agreement and the execution
of the Works in terms hereof;
2.1.20. Price Structure:
shall mean all costs as per clause 3 of the Covering Schedule
which amount will become due and payable to the Contractor
in the execution of the Works in terms of this Agreement;
2.1.21. Property:
the Erf as described in Clause 2 of the Covering Schedule;
2.1.22. QS:
means a professional Quantity Surveyor appointed by the
Contractor;
2.1.23. SDP:
means the Site Development Plan approved by the Local
Authority;
2.1.24. Signature Date:
means the date on which the Contractor signs the
Agreement;
2.1.25. Total Contract Price:
means the Contract Price plus the Additional Costs plus the
costs of the Upgrade to the Specifications;
2.1.26. VAT:
means Valued Added Tax payable in terms of the VAT Act;
2.1.27. VAT Act:
means Act No 89 of 1991;
2.1.28. Upgrade to Specifications:
shall mean the upgrading from the Basic Specifications to the
specifications described as per Annexure D hereto, which
would be supplied by the Contractor as part of the Execution
of the works in terms of this Agreement;
2.1.29. Works:
the building works to be conducted on the Property by the
Contractor in accordance with the Plan, Basic Specifications
and, if applicable, the Upgrade to Specifications;
2.2.
Indulgence
Any indulgence in respect of time or anything else granted by a Party to the other will not be
considered to impair any of the rights of such Party in terms of the Agreement, or affect any right of
whatsoever Party.
7
INITIAL
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business