Building Contract Agreement In Nigeria

This agreement is a form of employment contract used to engage an individual or company to perform a specific and defined task for the employer and contains details such as the type of work, the duration of employment, the rate of pay and any confidential obligations that may exist. This agreement can also be adapted for contractors, consultants or the liberal professions. Yes, the court is free to reopen the construction contract and change the agreed rate of lump sum damages if the agreed amount is a penalty, i.e. an amount intended to deter the contractor from breaking the construction contract or an amount that would give the employer an immutable sum of money. The court may also reopen the construction contract if it considers that this is being blackmailed. A contract will be blackmailed if, for example, the agreement is harsh and unscrupulous or if an interest rate is excessive. The court may remove the clause as a sanction and, under these conditions, the employer is generally reluctant to claim damages. However, the forms can be adapted, if necessary, to the requirements of certain types of projects. In fact, model contracts are mainly used by public bodies, but not necessarily by private sector companies. 1 of the Insurance Act, it is mandatory to insure (with a registered insurer) any public building against the risks of collapse, fire, earthquake, storm and flood. The inclusion of an adjudication or arbitration clause in a construction contract makes the contract mandatory, in accordance with the Arbitration and Conciliation Act, Cap. A18, LFN, 2004, in writing.