Agreement for Building Where Owner supplies Plot and all materials
At the end of each calendar month commencing from the date when the contractor commences work the owner will pay the contractor a sum equal to 80 per cent of the value as estimated by the parties or in case of disagreement between the parties by of the work executed by the contractor during the month and the owner will make final payment to the contractor at the end of six months from the date when the works are completed.
If at any time during the progress of the works or after completion or the alleged completion thereof and at any time during the continuance of this agreement any dispute or differences arise between the parties hereto in relation to or in connection with this agreement, the same shall be referred to the arbitration of Sri .as the sole arbitrator or to two arbitrators one to be appointed by each party and provisions or the Indian Arbitration Act, 1940, shall apply . The decision so given shall be final and binding upon the parties.
The contractor will indemnify the owner from all claims for injury caused to any person, whether a workman or not, while in or upon the works or the site of the same the said owner shall not be bound to defend any claim brought under the Workmans Compensation Act unless the contractor first deposits with the owner might incur by reason of defending any such claim.
In Witness Whereof the parties hereto have signed this agreement on the day and year first written above.
