This Contract (“Contract”) is entered into between [Construction Company Name], referred to as the “Construction Company,” and [Apartment Owner’s Name], referred to as the “Apartment Owner,” collectively referred to as the “Parties,” for the purpose of formalizing their agreement regarding the urban renewal project as described below.
1. PROJECT DESCRIPTION
1.1 The Construction Company is engaged in the urban renewal project of [provide a brief description of the project], which involves the demolition of the existing apartment blocks and the subsequent construction of new high-rise buildings on the same property.
1.2 The Apartment Owner, who owns Apartment [Apartment Number], agrees to cooperate with the Construction Company and grant access to their apartment, as required, for the successful completion of the urban renewal project.
2. TERMS AND CONDITIONS
2.1 Construction Plans: The Construction Company shall provide the Apartment Owner with detailed construction plans and timelines for the urban renewal project. Any modifications to the plans shall be subject to the mutual agreement of the Parties.
2.2 Compensation: In consideration for the Apartment Owner’s cooperation and access to the property, the Construction Company agrees to compensate the Apartment Owner as follows:
a. [Specify the compensation amount, method, and frequency, e.g., a lump sum payment of $XX,XXX payable upon the signing of this Contract].
2.3 Relocation: If necessary, the Construction Company shall assist the Apartment Owner in finding suitable alternative accommodation during the construction period. The cost of relocation, including moving expenses and any increase in rental costs, shall be borne by the Construction Company.
2.4 Indemnification: The Construction Company shall indemnify and hold the Apartment Owner harmless from any claims, damages, liabilities, or costs arising from the construction activities, except to the extent caused by the Apartment Owner’s negligence or willful misconduct.
2.5 Insurance: The Construction Company shall maintain comprehensive liability insurance coverage throughout the duration of the project, including coverage for property damage, personal injury, and worker’s compensation.
2.6 Termination: Either Party may terminate this Contract by providing written notice to the other Party in the event of a material breach of the Contract that remains uncured for a period of [specify number of days]. Termination shall not relieve either Party of its obligations incurred prior to termination.
3. MISCELLANEOUS
3.1 Governing Law: This Contract shall be governed by and construed in accordance with the laws of [specify jurisdiction].
3.2 Entire Agreement: This Contract constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, understandings, or agreements, whether oral or written.
3.3 Amendment: Any amendment to this Contract must be in writing and signed by both Parties.
3.4 Severability: If any provision of this Contract is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.
Please indicate your acceptance of the terms and conditions set forth in this Contract by signing below.
CONSTRUCTION COMPANY:
[Construction Company Name]
By: ________________________
Name: ______________________
Title: _______________________
APARTMENT OWNER:
[Apartment Owner’s Name]
By: ________________________
Name: ______________________
Title: _______________________
Date: [Date of signing]