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Construction Contract Template Free Download
Procurement and Contracts
Revised March 2013
Contract Security (In lieu of conventional performance and payment bonds)
Contractor shall grant to Owner a mortgage on certain property in <LOCATION> as set forth in Exhibit
___. The mortgage shall secure the performance by Contractor of all of Contractor's obligations
under this agreement including, but not limited to, completion of the work for the Contract's price;
indemnification of Owner from claims as set forth in this agreement; Contractor's general guarantee of
materials and workmanship, and any special or consequential damages to which Owner may be
entitled as a result of breach of this Contract by Contractor. The mortgage shall further secure the
payment of any award to Owner pursuant to arbitration as provided herein. Contractor acknowledges
that this mortgage is being accepted by Owner in lieu of a conventional performance and payment
bond with a commercial surety, as well as Owner's agreement not to require retainage during
construction. Contractor further acknowledges that the Owner has a limited ability to complete the
Contract on its own in the event of Contractor's default, and that the Owner may freely assign the
mortgage and any interests it may have as mortgagee. Owner agrees that the Contractor shall be
entitled to a discharge of the mortgage one year from the date that the final payment for the
completion of the work is made, or ___ days following payment in full by Contractor of any award to
Owner pursuant to arbitration pending at the end of the one-year period, whichever occurs later.
Liquidated Damages
Contractor hereby agrees to commence work under this contract within <DAYS> days of the Notice to
Proceed and to fully complete the project within <DAYS> consecutive calendar days thereafter.
Contractor further agrees to pay as liquidated damages, the sum of <AMOUNT> for each consecutive
calendar day thereafter. These damages shall not apply, should unforeseeable causes beyond the
control and without the fault or negligence of the Contractor cause delays in the completion of this
The Owner hereby agrees to supply the Contractor with its tax-exempt number for relief from the
sales tax on purchase of materials, if applicable.
1) All claims, disputes, and other matters in question arising out of, or relating to, the Contract
Documents or the breach thereof, except for claims which have been waived by the making and
acceptance of final payment, shall be decided by Arbitration in accordance with the construction
Industry Arbitration Rules of the American Arbitration Association (or other arbitration rules). This
agreement to arbitrate shall be specifically enforceable under the prevailing arbitration law. The
award rendered by the arbitrators shall be final, and judgement may be entered upon it in any
court having jurisdiction thereof. Any award shall provide for payment within 30 days of the date of
the award.
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