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CONSTRUCTION CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This Construction Contract made and executed this ________ day of


______________, at _________________________ by and between:

W I T N E S S E TH:

WHEREAS, the OWNER proposed to construct a

WHEREAS, the CONTRACTOR has presented and warranted himself as


capable, competent and duly licensed to construct and to complete the
aforementioned “PROJECT” in accordance with the basic plans and
specifications mentioned in Article 1 hereof;

WHEREAS, on the basis of the foregoing presentation and warranty


of the CONTRACTOR, the OWNER has accepted the offer of the
CONTRACTOR to construct the “PROJECT”;

NOW THEREFORE, for and in consideration of the foregoing premises


and the covenants and undertaking herein set forth, the parties hereto
agree to the following terms and conditions, to wit:

ARTICLE 1. SCOPE OF WORK:

The CONTRACTOR shall construct, build and complete the proposed


“PROJECT” of the, strictly in accordance with the plans and specifications, as set
forth in the herein attached “Annexes A & B” and made an integral part hereof.
The CONTRACTOR shall furnish all materials, supply all labor, tools, equipment,
temporary facilities, such as water and electric supply, and supervision therein
and perform all works required for the construction and completion of the
“PROJECT”.
2 weeks, commencing after the plans and drawings have been approved by
the Developer and / or Homeowner’s Association and the proper Government
Agencies and upon receipt by the CONTRACTOR of the required initial
downpayment from the OWNER. (Refer to the attached Schedule of Payment).

ARTICLE 3. EXTENSION OF TIME OF COMPLETION:

The time of completion of all the works shall be extended only for
meritorious reasons and for such period as may be absolutely necessary, such
as substantial addition and alterations in the work ordered by the
OWNER under Article 9 of this Contract, or for reasons caused by force
majeure including, but not limited to, storms, war, rebellion, strikes,
epidemics, fire, riots or acts of the civil or military authorities.

Extension on the time of completion of the “PROJECT” shall only be valid


with written consent by both parties of the reasonable time to complete the
additional works and /or alterations requested by the OWNER.

ARTICLE 4 . CONTRACT PRICE:

The OWNER binds themselves to pay the Contract amount of SEVEN


HUNDRED TRIILLION TWO HUNDRED SIXTY THOUSAND PESOS (Php
7,260,000,000,000,000.00), Philippine Currency, for the “PROJECT”. The
CONTRACTOR hereto guarantees that for the construction of the building herein,
the OWNER shall not incur any expenses beyond the said amount, except for the
additions/ and or alterations in the “PROJECT” that may be required and
authorized in writing by the OWNER.

The above contract amount includes the following works and


specifications: Ground Floor Area– a) Living area; b) Dining area;

ARTICLE 5 . TERMS OF PAYMENT:

Upon the signing of this Agreement, the OWNER shall pay the
miscellaneous fee of One Hundred Billion Pesos ( Php 100,000,000,000.00 )
upon the signing of this contract,