The Stipulated Price Contract is widely used in Singapore's construction industry when parties seek price certainty and clear risk allocation. It's particularly suitable for well-defined projects where the scope can be accurately determined at the outset. This contract type, operating under Singapore's robust legal framework, includes comprehensive terms covering work scope, payment mechanisms, quality standards, and completion requirements. It offers protection under SOPA and aligns with Singapore's Building Control Act and industry standards. The document typically incorporates detailed specifications, drawings, and bill of quantities, providing a clear basis for project execution and dispute resolution.
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Key Requirements PROMPT example:
Stipulated Price Contract
"Need a Stipulated Price Contract for a 20-story commercial building project in Singapore's CBD area, with a contract value of SGD 50 million and completion date of March 2025, including specific provisions for green building certification and phased completion."
1. Parties: Identifies and defines the contracting parties
2. Background: Provides context and purpose of the agreement
3. Definitions: Defines key terms used throughout the contract
4. Scope of Work: Detailed description of works to be performed
5. Contract Price: Stipulated price and payment terms
6. Time for Completion: Project timeline and completion dates
7. Quality Standards: Required quality levels and standards
8. Variations: Process for handling changes to scope
9. Default and Termination: Conditions and procedures for contract termination
10. Governing Law: Specifies Singapore law as governing law
1. Performance Security: Bond or guarantee requirements for high-value contracts or when required by client
2. Insurance: Insurance requirements and obligations when specific coverage is needed
3. Liquidated Damages: Predetermined damages for specific breaches when quantifiable losses can be predicted
4. Dispute Resolution: Alternative dispute resolution procedures when specific resolution mechanisms are preferred
1. Schedule of Works: Detailed breakdown of work items and specifications
2. Bill of Quantities: Itemized list of quantities and prices
3. Technical Specifications: Detailed technical requirements and standards
4. Program of Works: Detailed project timeline and milestones
5. Drawing List: List of contract drawings and revisions
6. Schedule of Rates: Unit rates for potential variations
Authors
Relevant legal definitions
Agreement
Architect
Base Contract Price
Bill of Quantities
Certificate of Practical Completion
Commencement Date
Completion Date
Contract Documents
Contract Sum
Contractor
Day
Defects Liability Period
Drawings
Employer
Extension of Time
Force Majeure
Good Industry Practice
Interim Payment Certificate
Liquidated Damages
Materials
Milestone
Notice
Payment Claim
Payment Response
Performance Security
Programme of Works
Project
Project Manager
Quantity Surveyor
Site
Specifications
Subcontractor
Substantial Completion
Time for Completion
Variation
Variation Order
Work
Working Day
Architect
Base Contract Price
Bill of Quantities
Certificate of Practical Completion
Commencement Date
Completion Date
Contract Documents
Contract Sum
Contractor
Day
Defects Liability Period
Drawings
Employer
Extension of Time
Force Majeure
Good Industry Practice
Interim Payment Certificate
Liquidated Damages
Materials
Milestone
Notice
Payment Claim
Payment Response
Performance Security
Programme of Works
Project
Project Manager
Quantity Surveyor
Site
Specifications
Subcontractor
Substantial Completion
Time for Completion
Variation
Variation Order
Work
Working Day
Clauses
Interpretation
Contract Documents
Contractor's Obligations
Employer's Obligations
Contract Price
Payment Terms
Time for Completion
Extensions of Time
Variations
Quality and Workmanship
Defects Liability
Insurance
Indemnity
Performance Security
Site Access and Conditions
Materials and Equipment
Testing and Inspection
Health and Safety
Environmental Protection
Intellectual Property
Confidentiality
Force Majeure
Default and Termination
Dispute Resolution
Assignment and Subcontracting
Notices
Governing Law
Warranties
Liquidated Damages
Completion and Handover
Record Keeping
Project Management
Risk Allocation
Compliance with Laws
Entire Agreement
Contract Documents
Contractor's Obligations
Employer's Obligations
Contract Price
Payment Terms
Time for Completion
Extensions of Time
Variations
Quality and Workmanship
Defects Liability
Insurance
Indemnity
Performance Security
Site Access and Conditions
Materials and Equipment
Testing and Inspection
Health and Safety
Environmental Protection
Intellectual Property
Confidentiality
Force Majeure
Default and Termination
Dispute Resolution
Assignment and Subcontracting
Notices
Governing Law
Warranties
Liquidated Damages
Completion and Handover
Record Keeping
Project Management
Risk Allocation
Compliance with Laws
Entire Agreement
Relevant Industries
Relevant Teams
Relevant Roles
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