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Contract

This construction agreement is between M/s Ali Saqlain Enterprises and M/s Five Star Builders & Contractors to construct a basement, ground plus ten floors of rough/grey structure on commercial plots 234, 235, 236 in Bharia Town, Karachi. M/s Five Star Builders will undertake construction using specified materials for a lump sum cost of Rs. 1,500 per square foot, to be completed within one year. Payment will be settled as 35% cash and 65% inventory, where inventory rates are Rs. 7,000-8,000 per square foot for apartments and Rs. 32,500 per square foot for commercial areas. Both parties agree to the terms and conditions laid out

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Saqib Sabir
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82 views4 pages

Contract

This construction agreement is between M/s Ali Saqlain Enterprises and M/s Five Star Builders & Contractors to construct a basement, ground plus ten floors of rough/grey structure on commercial plots 234, 235, 236 in Bharia Town, Karachi. M/s Five Star Builders will undertake construction using specified materials for a lump sum cost of Rs. 1,500 per square foot, to be completed within one year. Payment will be settled as 35% cash and 65% inventory, where inventory rates are Rs. 7,000-8,000 per square foot for apartments and Rs. 32,500 per square foot for commercial areas. Both parties agree to the terms and conditions laid out

Uploaded by

Saqib Sabir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CONSTRUCTION AGREEMENT

This Agreement is made and drawn at Karachi, on this ______________ 2020

BETWEEN

M/S ALI SAQLAIN ENTERPRISES, a Business concern acting thorough its Sole
Proprietor Mr. Shahid Qadri, holder CNIC No. ____________________ hereinafter
referred to as the party of the first part/Owner

AND

M/S FIVE STAR BUILDERS & CONTRACTORS, a civil Contractor having office
situated at A-40/05, 5 Star Homes, Railway Society Block 4 Gulshan-e-Iqbal,
Karachi, acting through partner Mr. SHAHAN AZHAR QADRI, CNIC No.
__________________ hereinafter referred and called as the party of the second
part/contractor.

[both expressions wherever used shall mean and include their respective heirs,
successors, administrators, representatives and assign]

Whereas First party is the lawful owner and fully competent of an immovable
property: Commercial [Plots No. 234, 235, 236 situated on Liberty Commercial,
Bharia Town, Karachi, hereinafter referred and called as the said Property.
AND Whereas the First Party intend to get construction only grey structure with
inside Plaster on the said property/plots and the Second Party being the Building
Contractor well capable and agreed to get construction on the said plots as
proposed plan BOQ as Agreed upon Parties

NOW therefore the parties hereto further agreed as under:


1. That the second party is agreed to undertake the construct the Basement,
Ground Plus Ten Floor thereon of Rough/Grey Structure on the said plots at
Material with labor charges in respect of the Approved BOQ at a lumpsum
cost of Rs. 1500 per Square Feet exempted from any kind of taxes.

2. That the Contractor/Second Party will undertake the construction Building


with the material of following specification:

STEEL: Amreli, Agha, Faizan, Abbas & Union


CEMENT: Lucky, Power, DG & Pakland
READY MIX: Paragon, H2, Allied & Own Plant as per decided PSI

Additional Skilled instruction:

i. Complete Plaster inner, outer and under Stairs. (debatable)


ii. Electric Pipe, Plumbing Pipe are included. (material will be provided by
First Party)

3. The Contract shall be deemed to be effective after providing structure


drawing and plans by First Party, project shall be completed within ONE
YEAR.
i. If there will be any delay within given time by first party or Bharia Town
management then rates should be revised as per mutual understanding.
ii. If project will be stopped by any circumstances or natural causes rates
would be applied item wise, and 65% inventory should be converted in cash
payment.

4. That the Payment ratio shall be settled as 35% cash & 65% inventory. The
inventory rate for apartment is 7,000 per Sq. feet. Inventory rate for pent
house is Rs. 8,000 per Sq. feet. And inventory rate for commercial is Rs.
32,500 per Sq. feet (the above rates are exempted Tax)

5. The boring permission would be granted by First Party at his own effort and
cost.

6. That all the work will be verified by the qualified person of first party before
concrete filling and during other construction work.

7. That if the second party will use marine ply then there is no need of plaster
on roof but if they use normal shuttering, they will do plaster on roof.

8. That the underground tank and overhead tank rates will be apply
separately as per mutual understanding.
9. That the first party will be released payment as per payment plan which is
attached as per mutual understanding.

10. That the first party will lock inventory on behalf of 65% payment at the
time of agreement along with details.

11. That the Bharia Town SOP’s should be provided by First Party.

12. That the parties have read over and understood the terms of agreement
and undertake to abide by the same.

In witness whereof the parties hereto set and subscribe their hands at Karachi on
the day, month and year first above written

M/S ALI SAQLAIN ENTERPRISES CONTRACTOR/SECOND PARTY


through Sole Proprietor M/S FIVE STAR BUILDERS &
MR. SHAHID QADRI CONTRACTORS
OWNER/FIRST PARTY through MR. SHAHAN AZHAR QADRI

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