Stipulated Price Contract Template for Singapore

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Key Requirements PROMPT example:

Stipulated Price Contract

"Need a Stipulated Price Contract for a 20-story commercial building project in Singapore's CBD area, with a contract value of SGD 50 million and completion date of March 2025, including specific provisions for green building certification and phased completion."

Document background
The Stipulated Price Contract is widely used in Singapore's construction industry when parties seek price certainty and clear risk allocation. It's particularly suitable for well-defined projects where the scope can be accurately determined at the outset. This contract type, operating under Singapore's robust legal framework, includes comprehensive terms covering work scope, payment mechanisms, quality standards, and completion requirements. It offers protection under SOPA and aligns with Singapore's Building Control Act and industry standards. The document typically incorporates detailed specifications, drawings, and bill of quantities, providing a clear basis for project execution and dispute resolution.
Suggested Sections

1. Parties: Identifies and defines the contracting parties

2. Background: Provides context and purpose of the agreement

3. Definitions: Defines key terms used throughout the contract

4. Scope of Work: Detailed description of works to be performed

5. Contract Price: Stipulated price and payment terms

6. Time for Completion: Project timeline and completion dates

7. Quality Standards: Required quality levels and standards

8. Variations: Process for handling changes to scope

9. Default and Termination: Conditions and procedures for contract termination

10. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Performance Security: Bond or guarantee requirements for high-value contracts or when required by client

2. Insurance: Insurance requirements and obligations when specific coverage is needed

3. Liquidated Damages: Predetermined damages for specific breaches when quantifiable losses can be predicted

4. Dispute Resolution: Alternative dispute resolution procedures when specific resolution mechanisms are preferred

Suggested Schedules

1. Schedule of Works: Detailed breakdown of work items and specifications

2. Bill of Quantities: Itemized list of quantities and prices

3. Technical Specifications: Detailed technical requirements and standards

4. Program of Works: Detailed project timeline and milestones

5. Drawing List: List of contract drawings and revisions

6. Schedule of Rates: Unit rates for potential variations

Authors

Alex Denne

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

Relevant legal definitions
Clauses
Industries

Building and Construction Industry Security of Payment Act (SOPA): Key legislation governing payment terms, dispute resolution, payment claims and responses, and adjudication process in construction contracts

Contract Act (Cap. 53): Primary legislation governing contract formation, including principles of offer, acceptance, consideration, and intention to create legal relations

Sale of Goods Act: Legislation governing contracts involving supply of materials and goods, defining rights and obligations of buyers and sellers

Building Control Act: Regulates building works and construction standards, including requirements for building permits and approvals

Workplace Safety and Health Act: Establishes requirements for workplace safety, health standards, and risk management procedures in construction projects

Companies Act: Legislation governing corporate entities, relevant for verifying contracting parties' legal status and authority to enter contracts

Consumer Protection (Fair Trading) Act: Protects consumer interests in contracts, applicable if the contract involves consumer parties

Third Parties (Rights Against Insurers) Act: Governs insurance requirements and obligations in construction contracts

Limitation Act: Sets statutory time limits for bringing legal claims and actions related to the contract

Electronic Transactions Act: Governs electronic execution and validity of contracts, relevant for digital contract management

BCA Guidelines: Building and Construction Authority guidelines providing industry standards and best practices

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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