AIA A101 Form: How to Reach a Contractor’s Agreement
AIA A101 Form for Standard Agreement Between Owner and Contractor
The beginning of a large construction project is always marked by the signing of a contract between the owner and the contractor. If the value of the work required is known exactly, then this form can be used as the main document regulating the rights and obligations of the owner and the contractor. Today’s review is devoted to the AIA A101 Form, the Standard Form of Agreement Between Owner and Contractor.
Who needs an AIA A101 Form?
Form AIA A101 is an agreement between an owner and a contractor for a particular project where the basis of the payment is a stipulated sum. The owner needs this agreement as an assurance that the project will be finished by the contractor within a particular period.
What is the AIA A101 Form?
Form AIA A101 provides information about the parties and the project including names, legal status, location and detailed description of the project. The contractor must fully execute the work described in the contract documents with the exception of any duties specified in the contract documents to be the responsibility of others. The agreement provides information about the terms and sum of work to be done. The document also includes the termination date or suspension date of the agreement.
Is Form AIA A101 accompanied by other forms?
The General Conditions of the Contract for Construction document (AIA A201 form) accompanies the AIA A101 2007 form. Also, any drawings, specifications, addenda issued before execution of this agreement are to be attached.
When is Form AIA A101 due?
There is no specific time by when Form AIA A101 should be signed. The date of signing can be specified depending on the agreement of the parties. The date of this agreement shall be the time of commencement of the work.
How do I fill out the AIA A101 Form?
On the AIA A101 Form you must provide all information about the parties, the project and the amount of payment. There are also a few lines to specify the following: 1) binding dispute resolution 2) termination or suspension of the contract 3) insurance and bonds 4) miscellaneous provisions 5) enumeration of contract documents.
Where do I send Form AIA A101?
Parties are permitted to reproduce ten copies of Form AIA A101 when completed. At least two of them are kept by the parties, and others may be used by any other party connected to the project.