This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
This contract made this --------- day of ---------, in the year ---------, by and between A. B., of ---------, party of the first part (hereinafter designated the
Owner), and C. D., of ---------, party of the second part (hereinafter designated the Contractor).
Witnesses that the Contractor being the party of the second part, in consideration of the covenants and agreements herein contained on the part of the Owner, being the party of the first part, does covenant, promise and agree with said Owner in the manner following:
1. The contractor shall perform and finish under the direction and to the satisfaction of E. F., Architect -, all the work and material included under the following branch headings of the specifications for a --------- to be erected, to-wit: ---------, agreeable to the drawings and specifications prepared by said
Architect -, which said drawings and specifications are hereby made a part of this contract.
2. And it is hereby mutually agreed between the parties hereto that the
Owner will pay to the Contractor for said work the sum of --------- ($---------), subject to the additions or deductions on account of alterations that may be made in the said drawings or specifications; such sum shall be paid in current funds upon the certificate of the Architect -, --------- per cent. to be retained from the amount of each certificate, and to be paid within thirty days after the final completion of all work included in this contract.
3. It is further mutually agreed between the parties hereto that no certificate given or payment made under this contract shall be conclusive evidence of the performance of this contract, either wholly or in part, against any claim of the owner and no payment shall be construed to be an acceptance of any defective work or material.
4. And the said parties for themselves, their heirs, executors, administrators or assigns, do hereby agree to the full performance of the covenants, promises and agreements herein contained and do hereby bind themselves, their heirs, executors, administrators or assigns each to the other firmly by these presents.
In witness whereof, etc.
See references under Sec. 3821.