BUILDING CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement, made and entered into in the City of __________, this ____ day of
_________, 20__, by and between __________________, of legal age, OWNER,
and ________________________, of legal age and a resident of ____________,
hereinafter called the CONTRACTOR,

WITNESSETH:

WHEREAS, the OWNER owns a Lot in ____________________ situated at and identified

as Lot __________________________,

WHEREAS, the OWNER desires to construct a Commercial Building on the said lot;

WHEREAS, the CONTRACTOR is willing to undertake the construction, in accordance

with the plans and specifications.

NOW, THERFORE, the parties hereto have agreed to the following terms and condition;
covenants, agreement and stipulation set forth, do hereby agree as follows:

ARTICLE 1. SCOPE OF THE WORK

1.01. The CONTRACTOR in consideration of the payment to be made by the

OWNER to the CONTRACTOR of the sum of money hereinafter names,
agrees to provide all the necessary labor and equipment for the satisfactory,
faithful performance necessary to complete the project including painting,
drainage, plumbing, and electrical installation therein accordance with the
accompanying plans and specifications and other related documents.

ARTICLE 2. TIME OF THE COMPLETION AND LIQIUDATED DAMAGES

2.01. The CONTRACTOR shall commence the Construction not later than five (5)
days after the execution of this contract upon receipt of the initial advance
payment, and shall regularly proceed and complete the construction within
______________________ (____) working days counted from the
commencement of the work, unless prevented by fortuitous events, in which
case the OWNER may extend the time accordingly.

2.02. In the event that the construction is not completed within the aforesaid period
of time, the OWNER is entitled and shall have the right to deduct from any sum
to become due the contractor the sum ____________________ (P _______)
pesos or ten percent (10%) or one percent (1%) of the contract price for every
day of delay as LIQUIDATED DAMAGES, and not by way of penalty.
ARTICLE 3. THE CONTRACT AMOUNT

3.01. The OWNER agrees that for and in consideration of the faithful performance
by the CONTRACTOR of this Contract, shall pay to the CONTRACTOR, in a
manner provided hereinafter, the amount of
_____________________________ (P ______________) which the OWNER
agrees to pay unto the CONTRACTOR, the said CONTRACTOR agrees and
undertakes to construct and build for the OWNER of the building of strong
materials.

ARTICLE 4. PAYMENTS

4.01. An initial advance payment of Twenty Percent (20%) of the Contract price or
______________________ (P _____________) Pesos shall be released by
the OWNER to the CONTRACTOR after the signing of the Contract papers.

4.02. That the OWNER shall pay the remaining Eighty Percent (80%) of the
Contract price to the CONTRACTOR in Cash or in check in equal
installments as follows:

Twenty-Five Percent (25%) of the Contract price or ____________________

(P _________): when the foundations, posts, floor joist, according to the plan
and specifications;

Twenty Percent (20%) of the Contract price or _______________________

(P _________) :when the roof framing, and all bolts are in place, corrugated
G.I. Rooffing, window sills, window heads, studdlings (interior and exterior),
and the septic tank are completed, according to the plan and specifications;

Fifteen Percent (15%) of the Contract price or _______________________

(P _________) when all plumbing (with water test), window, doors, ceiling and
first coating of paint have been duly done and constructed;

Ten Percent (10%) of the Contract price or __________________________

(P _________) when the paintings and all the details according the plan and
specifications have been terminated;

Ten Percent (10%) of the Contract price or __________________________

(P _________) when the final certificate is issued and delivered to the
OWNER.
IN WITNESS THEREOF, the parties to this Agreement have on the day and year first
above given, hereto set their hands at the bottom of this page and on the left-hand margin
of all the other pages of this Agreement this _________ day of 20___, in the City of
_____________ Philippines.

By:

_________________________ _________________________
OWNER CONTRACTOR

SIGNED IN THE PRESENCE OF:

_________________________ _________________________
WITNESS WITNESS