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Termination Of Construction Contract By Owner And Contractor

Termination Of Construction Contract By Owner And Contractor Template for New Zealand

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Key Requirements PROMPT example:

Termination Of Construction Contract By Owner And Contractor

"I need a Termination Of Construction Contract By Owner And Contractor for a mutual termination of a commercial building project in Auckland, New Zealand, where both parties have agreed to end the contract due to unforeseen ground conditions, with final completion of works to be January 15, 2025."

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Document background
The Termination Of Construction Contract By Owner And Contractor is a crucial document used when both parties mutually agree to end their construction contract before its natural completion. This document is essential in New Zealand's construction industry, where it must comply with the Construction Contracts Act 2002 and related legislation. It's typically used when circumstances such as project changes, financial considerations, or mutual benefits make early termination the preferred option. The document includes comprehensive provisions for financial settlement, work handover, asset disposition, and ongoing obligations, ensuring a clear and legally sound termination process. It protects both parties' interests while providing a framework for amicable contract conclusion and project transition.
Suggested Sections

1. Parties: Identification of the Owner and Contractor, including full legal names and registered addresses

2. Background: Brief description of the original construction contract, project details, and circumstances leading to termination

3. Definitions: Definitions of key terms used in the termination agreement

4. Termination Agreement: Mutual agreement to terminate the construction contract and the effective date of termination

5. Works Status: Current status of the construction works and extent of completion at termination

6. Payment Provisions: Final payment calculations, including work completed, retention amounts, and outstanding payments

7. Handover Requirements: Requirements for site handover, including documentation, materials, and equipment

8. Release and Discharge: Mutual release of obligations under the original contract, subject to specified exceptions

9. Surviving Obligations: Identification of contract provisions that survive termination

10. Confidentiality: Ongoing obligations regarding confidential information

11. Governing Law: Confirmation of New Zealand law as governing law and jurisdiction

Optional Sections

1. Dispute Resolution: Specific procedures for resolving any disputes arising from the termination, used when parties want to specify a particular dispute resolution process

2. Insurance and Bonds: Provisions regarding insurance policies and performance bonds, included when these need to be cancelled or maintained

3. Intellectual Property Rights: Provisions regarding ownership and use of project-related intellectual property, included when significant IP is involved

4. Subcontractor Provisions: Arrangements regarding existing subcontractors, included when there are active subcontracts

5. Warranties: Provisions regarding existing warranties and guarantees, included when there are ongoing warranty obligations

Suggested Schedules

1. Schedule 1 - Payment Reconciliation: Detailed breakdown of final payment calculations and outstanding amounts

2. Schedule 2 - Works Completion Status: Detailed inventory of completed works and outstanding works

3. Schedule 3 - Asset Register: List of materials, equipment, and other assets on site and their disposition

4. Schedule 4 - Outstanding Claims: List of any outstanding claims or variations to be resolved

5. Appendix A - Handover Documents: List of documents to be handed over, including as-built drawings, warranties, and certificates

6. Appendix B - Release Certificates: Forms for mutual release and discharge to be executed by both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Construction

Real Estate Development

Infrastructure

Commercial Property

Residential Development

Industrial Development

Healthcare Facilities

Education Facilities

Retail Development

Hospitality

Relevant Teams

Legal

Construction

Project Management

Commercial

Finance

Procurement

Risk Management

Operations

Property Development

Contract Administration

Relevant Roles

Construction Manager

Project Director

Contract Administrator

Commercial Manager

Legal Counsel

Quantity Surveyor

Development Manager

Property Developer

Construction Site Manager

Procurement Manager

Risk Manager

Finance Director

Chief Operating Officer

Project Control Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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