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Entire agreement 

The entire agreement clause must state that the contract is the final, complete, and total expression of the parties' agreement. Such an agreement helps in preventing a party from claiming that there are other promises or terms to the deal that are not explicitly set forth in the written contract, such as oral representations, e-mails or memoranda, and other documents.  

Modification of agreement The modification of agreement clause should state  that the contract may only be modified in writing and signed by all parties. This is done in order to prevent either of the parties from saying that the terms of the written agreement were verbally changed. 

Standard conditions The following are the standard conditions that must be included in project construction contracts: 

  •   Terms of payment. 
  •   Liquidated damages.  
  •   Escalation provisions. 
  •   Variation of unit rates with variation in the estimated Bill of Quantities. 
  •   Compensation basis for extra works. 
  •   Force majeure. 
  •   Suspension. 
  •   Termination. 
  •   Bank guarantees. 
  •   Statutory variations in taxes/duties. 
  •   Works contract tax.  
Posted Date: 9/28/2012 1:35:28 AM | Location : United States

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