The Stipulated Price Contract is commonly used in Hong Kong construction projects where the scope of work can be clearly defined and priced upfront. This contract type is particularly suitable when project specifications, drawings, and requirements are well-developed, allowing contractors to accurately price the works. It provides cost certainty for employers while placing the risk of cost overruns on the contractor. The document incorporates Hong Kong-specific legal requirements, industry standards, and local construction practices, making it suitable for both public and private sector projects. It includes comprehensive provisions for project execution, quality control, payment terms, variations, and dispute resolution, while adhering to Hong Kong construction regulations and ordinances. This contract type is especially valuable in projects where budget certainty is a priority and the scope is unlikely to change significantly during construction.
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1. Parties: Identification and details of the Employer and Contractor
2. Background: Context of the project and relationship between the parties
3. Definitions and Interpretation: Defined terms and rules of interpretation
4. Contract Price and Payment: Fixed price amount, payment terms, and mechanisms for payment
5. Scope of Works: Detailed description of works to be performed
6. Time for Completion: Project timeline, completion date, and extensions of time
7. Contractor's Obligations: General and specific obligations of the Contractor
8. Employer's Obligations: General and specific obligations of the Employer
9. Variations: Process for handling changes to scope or specifications
10. Quality and Defects: Quality standards, inspections, and defects liability
11. Insurance and Indemnity: Required insurance coverage and indemnification obligations
12. Force Majeure: Provisions for unforeseen circumstances and their handling
13. Termination: Grounds and procedures for contract termination
14. Dispute Resolution: Procedures for handling disputes including mediation and arbitration
15. General Provisions: Miscellaneous legal provisions including notices, governing law
1. Performance Security: Requirements for performance bonds or guarantees, optional if not required by Employer
2. Intellectual Property: IP rights and obligations, needed if design or innovative methods are involved
3. Environmental Compliance: Environmental obligations, required for projects with significant environmental impact
4. Liquidated Damages: Pre-determined damages for delay or performance failure, optional based on project requirements
5. Site Conditions: Provisions regarding site access and conditions, needed for complex site situations
6. Materials and Equipment: Specific provisions for materials and equipment, needed for projects with special material requirements
7. Testing and Commissioning: Detailed testing requirements, needed for projects with complex systems
8. Warranties: Special warranty provisions beyond standard defects liability
9. Subcontracting: Rules and limitations on subcontracting, needed if subcontracting is anticipated
1. Schedule 1 - Contract Price Breakdown: Detailed breakdown of the stipulated price
2. Schedule 2 - Scope of Works: Detailed technical specifications and drawings
3. Schedule 3 - Programme of Works: Detailed timeline and milestones
4. Schedule 4 - Payment Schedule: Payment milestones and amounts
5. Schedule 5 - Site Information: Site details, access points, and restrictions
6. Schedule 6 - Key Personnel: List of key personnel from both parties
7. Schedule 7 - Forms of Certificates: Templates for various certificates (completion, payment, etc.)
8. Schedule 8 - Insurance Requirements: Detailed insurance specifications
9. Appendix A - Technical Specifications: Detailed technical requirements and standards
10. Appendix B - Drawings: Construction drawings and designs
11. Appendix C - Quality Assurance Plan: Quality control procedures and requirements
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