1. The company shall execute the works contract as per specification, quantity and rates provided in the work order strictly adhering to the specifications, designs, drawings and notes appended to the work order.
2. The corporation shall pay to the company as per agreement and rates provided in the work order. The architect of the corporation shall take measurements of the constructions completed for the week ending on each Saturday during the course of construction and shall work out the valuation of the completed work and the corporation shall pay 90% of such value the to the company on the following Tuesday. After completion of the entire work, a final bill shall be prepared and the corporation shall settle it within 60 days of receipt of such bill considering the weekly payments made to the company during the period of execution of the works contract by it.
3. The company has agreed to furnish security to the satisfac tion of the corporation for a sum of Rs. 5 lacs on or before the commencement of the construction to guarantee for the timely completion of the work in accordance to the plans and specifications and following the terms and the conditions of the contract.
4. Any sum payable by the company to the corporation as compensation or otherwise shall be deducted from the final bill submitted by the company and if such compensation or other amount payable to the corporation does not stand fully paid to the corporation, the balance shall be deducted from the security deposit of the company. If any amount still remains unpaid, the company shall pay the same to the corporation within a fortnight after receipt of a notice from the corporation in this regard.
5. The company has agreed to perform the contract and complete the construction of the ware house as per plan and specification and subsequent amendments thereto issued by the corporation from time to time. The work shall be performed diligently be skilled and experienced labour artisan and under expert supervision of qualified engineers and architecture.
6. The company shall compensate the corporation in a sum of Rs. 1,00,000/- in case the work is not commenced or remains unfinished by the due date as the time is the essence of this agreement.
7. The company shall appoint one foreman to supervise the construction and contact the architect of the corporation daily between 4 P.M. to 6 P.M. in his chamber located in the nearby building to seek his instructions in respect of the construction work.
8. The company shall use only those materials which have been approved by the engineer-in-charge of the works supervising the construction. The engineer and the architect of the corporation shall inspect the construction being carried on by the company from time to time jointly and the company shall also be represented by a person duly authorised by it in such inspections.
9. That all payments by the parties shall be made by account payee cheques or pay orders.
10. That all unused material and stores shall be removed from the site by the company before submission of it’s final bill to the corporation and the site shall be cleared of all such materials and rubbish scaffoldings.
11. That the company shall also be responsible to remove tempo rary constructions made in the campus and deliver possession of the constructed ware house along with a completion certificate obtained from the appropriate authority.
12. In case of any dispute in regard to this contract the matter shall be referred to arbitration and award of such arbitrator or arbitrators as the case may be shall be final and binding on the parties.
13. The corporation shall deduct tax from payments made to the company in accordance with the provisions of U.P. Trade Tax Act, 1948 and the Income Tax Act, 1961.
14. The company shall not employ any person to supervise the construction work who is relation of any of the employees or officers of the corporation.
15. The company shall indemnify the corporation in respect of any loss or damages arising out of any injury caused to any person or property due to an accident during the process of the construction.
16. In case of any delay in execution of the works contract due to reasons beyond the control of the company, the corporation may extend the date for carrying out the contract works.
In witness of the abovementioned the parties hereto have signed this deed in presence of the following witnesses on the date aforementioned at Kanpur.
Signature of the parties