BUILDING AGREEMENT BETWEEN THE PURCHASER AND VENDORS FOR THE CONSTRUCTION OF THE BUILDINGS ON TURNKEY BASIS
THIS MEMORANDUM OF AGREEMENT made at____________.on this____________.day of____________. 20____________.between AB Co Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at____________.(hereinafter referred to as "the Purchaser" which expression shall unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the ONE PART and M/s XY Constructions, a partnership firm duly registered under the Partnership Act, 1932 and having its registered office at____________.hereinafter referred to as "the builders" which expression shall, unless it be repugnant to the context or meaning thereof be deemed to mean and include every partner for the time or the said firm the survivors or the legal representatives, executors or administrators of the last survivor) of the OTHER PART.
WHEREAS the builders are absolutely seized and possessed or otherwise well and sufficiently entitled to the piece or parcel of land admeasuring about____________.sq. meters, situate, lying and being at.....?are particularly described in the First Schedule hereunder written and have agreed to sell to the purchaser vide agreement for sale dated .....................
AND WHEREAS the purchaser is desirous of constructing residential flats for its executives on the land agreed to be sold by the builders, more particularly described in the First Schedule hereunder written and hereinafter referred to as "the said project".
AND WHEREAS the builders have agreed to execute the said project on a turnkey basis, on the terms and conditions as are hereinafter set out for a total amount calculated at the rate of Rs......per sq. meter of the built up area of the flats, which the said amount, is hereinafter referred to as "the contract amount".
NOW, THEREFORE, THESE PRESENTS WITNESS AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
(1) In consideration of the contract amount agreed to be paid by the purchaser, subject to the terms and conditions and in the manner set forth in Schedule of Payments described in Second Schedule, the builders shall execute and complete the said project in accordance with the terms, specifications and amenities set out in Annexure I hereunder written.
(2) M/s ____________.Architects, shall be the architect for the said project, who will prepare all the necessary site plans and designs in relation to the said project and supervise the said project in accordance with the terms, specifications and amenities and render all services for completing the said project and obtain all the necessary occupation certificates and completion certificates from the concerned authorities for the said project and the builders will pay professional fees of the architect without any extra cost to the purchaser.
(3) M/s____________will be the RCC Consultants for the project and the builders will pay their professional fees without any extra cost to the purchaser.
(4) The builders will get the site plans for the said project prepared by the architects and necessary RCC designs by RCC Consultants in consultation with and subject to the final approval of the purchaser and get the site plans approved by the Municipal Corporation at their own cost:
Provided that during the execution of the said project the purchaser may require the builders to make such changes or alterations in the said plans to suit its requirements, and on such requirements, the builders shall get the said alterations or changes duly approved by the Municipal Corporation of or such other authority at their own cost and execute the said alterations or changes within the aforesaid contract amount subject however that if such alterations or changes increase or decrease in the quantities or the amenities or variation in the specifications set out in Annexure I hereunder,
