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Stipulated Price Contract

Stipulated Price Contract Template for Hong Kong

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Key Requirements PROMPT example:

Stipulated Price Contract

I need a Stipulated Price Contract for a commercial office building development in Kowloon, Hong Kong, with a contract value of HKD 250 million and completion date of March 2025, including specific provisions for green building certification and phased completion requirements.

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Accepted Contract Amount
Architect
As-Built Drawings
Certificate of Making Good Defects
Certificate of Practical Completion
Commencement Date
Contract
Contract Documents
Contract Drawings
Contract Period
Contract Sum
Contractor
Date for Completion
Date of Practical Completion
Day
Defects Liability Period
Delay Events
Employer
Engineer
Extension of Time
Final Account
Force Majeure Event
Good Industry Practice
Governing Law
Insurance Requirements
Intellectual Property Rights
Letter of Acceptance
Liquidated Damages
Materials
Method Statement
Milestone Dates
Notice
Parent Company Guarantee
Performance Security
Plant
Practice Notes
Programme of Works
Project
Project Manager
Quality Assurance Plan
Quantity Surveyor
Retention Money
Site
Site Conditions
Specifications
Subcontractor
Substantial Completion
Technical Submissions
Temporary Works
Time for Completion
Variation
Works
Working Day
Working Hours
Clauses
Interpretation
Contract Price
Payment Terms
Scope of Works
Time for Completion
Extensions of Time
Variations
Quality Requirements
Testing and Inspection
Defects Liability
Contractor Obligations
Employer Obligations
Site Access and Conditions
Materials and Workmanship
Health and Safety
Environmental Protection
Insurance
Indemnification
Performance Security
Subcontracting
Assignment and Novation
Intellectual Property
Confidentiality
Force Majeure
Suspension
Termination
Dispute Resolution
Governing Law and Jurisdiction
Notices
Warranties
Compliance with Laws
Labour Requirements
Records and Audit
Progress Reporting
Risk Allocation
Limitation of Liability
Set-off
Liquidated Damages
Delay Damages
Practical Completion
Final Completion
Entire Agreement
Severability
Waiver
Third Party Rights
Relevant Industries

Commercial Construction

Residential Development

Infrastructure Development

Industrial Construction

Healthcare Facilities

Educational Facilities

Retail Development

Hotel and Hospitality

Mixed-use Development

Transportation Infrastructure

Public Works

Energy and Utilities

Relevant Teams

Legal

Commercial

Procurement

Operations

Finance

Project Management

Engineering

Risk Management

Compliance

Construction

Contract Administration

Technical Services

Quality Assurance

Relevant Roles

Construction Manager

Project Director

Contract Manager

Commercial Director

Legal Counsel

Quantity Surveyor

Project Manager

Chief Engineer

Procurement Manager

Risk Manager

Operations Director

Technical Director

Cost Controller

Site Manager

Commercial Manager

Finance Director

Compliance Officer

Industries
Contracts (Rights of Third Parties) Ordinance (Cap. 623): Governs how third parties may enforce terms of a contract. Important for subcontractor relationships and assignments in construction contracts.
Construction Industry Council Ordinance (Cap. 587): Establishes regulatory framework for the construction industry in Hong Kong, including industry standards and practices.
Buildings Ordinance (Cap. 123): Regulates building works and sets standards for construction, important for compliance requirements in the contract.
Security of Payment Legislation: Proposed legislation (to be enacted) dealing with payment practices in the construction industry, including progress payments and payment disputes.
Arbitration Ordinance (Cap. 609): Provides the legal framework for arbitration in Hong Kong, crucial for dispute resolution clauses.
Supply of Services (Implied Terms) Ordinance (Cap. 457): Implies certain terms into contracts for services, affecting quality and performance standards.
Construction Workers Registration Ordinance (Cap. 583): Regulates registration of construction workers, affecting labor provisions in the contract.
Occupational Safety and Health Ordinance (Cap. 509): Sets requirements for workplace safety, necessary for including appropriate safety obligations.
Competition Ordinance (Cap. 619): Ensures fair competition in all sectors including construction, affecting pricing and tender processes.
Prevention of Bribery Ordinance (Cap. 201): Anti-corruption legislation affecting contract procurement and execution processes.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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