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Construction Payment Contract

Construction Payment Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Construction Payment Contract

"I need a Construction Payment Contract for a large-scale commercial development project in Dubai, with monthly milestone payments and 10% retention, including provisions for advance payment of 15% against a bank guarantee, to commence in March 2025."

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Document background
The Construction Payment Contract serves as a crucial document in UAE construction projects, establishing the financial framework between contracting parties. It is typically used when parties need to establish detailed payment mechanisms separate from or supplementary to the main construction contract. The document ensures compliance with UAE Civil Code (Federal Law No. 5 of 1985) and relevant construction regulations, addressing specific requirements for payment certification, retention monies, and dispute re红杏直播. This contract type is particularly important in the UAE construction sector where payment security and clear payment mechanisms are essential for project success. It includes provisions for advance payments, interim payments, final payments, retention release, and payment security mechanisms, all structured to align with local construction practices and legal requirements.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, including reference to the main construction contract and purpose of this payment agreement

3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology

4. Contract Price: Total contract value, currency, and breakdown of payment components

5. Payment Terms: Detailed payment structure, including milestone payments, payment cycles, and payment procedures

6. Payment Certificates: Process for issuing and certifying payment certificates, including timeline and approval requirements

7. Retention: Details of retention money, including percentage, release conditions, and timing

8. Default and Remedies: Consequences of payment defaults and available remedies for both parties

9. Dispute Re红杏直播: Procedures for resolving payment-related disputes, including mediation and arbitration provisions

10. Governing Law: Specification of UAE law as governing law and relevant jurisdiction

11. Notices: Process and requirements for serving payment-related notices and communications

12. Term and Termination: Duration of the agreement and circumstances allowing for termination

Optional Sections

1. Advance Payment: Terms for advance payment, including bank guarantees and recovery mechanism - include when advance payment is part of the agreement

2. Performance Security: Requirements for performance bonds or bank guarantees - include for high-value contracts

3. VAT and Taxation: Specific provisions for handling VAT and other applicable taxes - include when tax implications need specific attention

4. Interest on Late Payments: Provisions for charging interest on delayed payments - include when parties agree to interest charges

5. Set-off Rights: Rights to set off payments against other obligations - include when multiple contracts exist between parties

6. Payment Currency and Exchange: Provisions for handling multiple currencies and exchange rates - include for international contracts

7. Early Payment Incentives: Terms for early payment discounts or incentives - include when early payment schemes are agreed

8. Force Majeure Impact on Payments: Specific provisions for payment obligations during force majeure events - include when required by project circumstances

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment milestones, amounts, and due dates

2. Schedule 2 - Payment Certificate Format: Template and requirements for payment certificates

3. Schedule 3 - Bank Details: Banking information for all parties involved in payments

4. Schedule 4 - Project Milestones: Construction milestones linked to payment schedule

5. Schedule 5 - Rate Schedule: Breakdown of rates for various components of work

6. Appendix A - Forms of Guarantees: Templates for various guarantees required under the contract

7. Appendix B - Notice Requirements: Detailed requirements for payment-related notices

8. Appendix C - Variation Rate Sheet: Pre-agreed rates for potential variations to the work

Authors

Alex Denne

Head of Growth (Open Source Law) @ 红杏直播 | 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 Development

Commercial Property

Residential Development

Industrial Construction

Government Infrastructure

Healthcare Construction

Educational Facilities

Hospitality Development

Retail Development

Relevant Teams

Legal

Finance

Commercial

Project Management

Construction

Contracts Administration

Risk Management

Procurement

Operations

Quality Control

Relevant Roles

Construction Manager

Project Director

Contract Manager

Commercial Director

Finance Manager

Quantity Surveyor

Project Manager

Legal Counsel

Chief Financial Officer

Construction Director

Claims Manager

Procurement Manager

Commercial Manager

Risk Manager

Cost Controller

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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