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Contract Agreement - Short Form
THIS AGREEMENT made the day of , in the year Two Thousand and ,
by andbetween the acting on behalf of the University of Maine
System, duly authorized and empoweredby virtue of the laws of the
State of Maine, hereinafter called the Owner, and hereinafter
called theContractor.
WITNESSETH: That the Owner and the Contractor for the
considerations hereinafter namedagree as follows:
ARTICLE 1. SCOPE OF THE WORK
The Contractor shall furnish all of the materials and perform
all of the work shown on thedrawings and described in the
Specifications entitled , prepared by , acting as and in
theseContract Documents entitled the Architect and/or Engineer; and
shall do everything required by thisAgreement, the General
Conditions and Special Provisions of the Contract, the
Specifications and theDrawings.
ARTICLE 2: TIME OF COMPLETION
The work to be performed under this Contract shall be
substantially completed on or before.
ARTICLE 3: THE CONTRACT SUM
The Owner shall pay the Contractor for the performance of the
Contract, subject to additions anddeductions provided by approved
change orders in current funds as follows Dollars ($ ).ARTICLE 4:
CONTRACT BOND
The Contractor shall furnish the Owner the approved Contract
Bonds (as per Article 23 of theStandard General Conditions) in the
amount of 100% of the Contract sum.
ARTICLE 5: PROGRESS PAYMENTS
The Owner shall make payments on account of the contract as
provided therein as follows: Eachmonth 95% of the value, based on
Contract prices of labor and materials incorporated in the work and
ofmaterials suitably stored at the site thereof up to the first day
of that month, as certified by the Architectand/or Engineer.
The Owner may cause contractor to be paid such portion of the
amount retained hereunder asdeemed advisable. (See Article 19 of
the Standard General Conditions).
ARTICLE 6: FINAL PAYMENT
Final payment shall be due 60 days after completion and
acceptance of the work, provided thecontractor has submitted
evidence satisfactory to the Owner that all payrolls, material
bills and otherindebtedness connected with the work has been
paid.
ARTICLE 7: THE CONTRACT DOCUMENTS
The General Conditions of the Contract, Instructions to Bidders,
the Proposal, the Special
UMSOF.10/24/00r
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