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Condominium Subcontractor CDC Holdings Corporation Ramirez Condominium

1) This agreement is between CDC Holdings Corporation and Ramirez Condominium to build a condominium project between July 2021 and August 2022. 2) CDC Holdings will provide all labor and materials to construct the building for $150 million, to be paid within 1 day of completion. 3) The agreement can be terminated for breach of contract if notice and an opportunity to cure are provided, and disputes will be resolved through negotiation, mediation or arbitration under Philippine law.

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69 views3 pages

Condominium Subcontractor CDC Holdings Corporation Ramirez Condominium

1) This agreement is between CDC Holdings Corporation and Ramirez Condominium to build a condominium project between July 2021 and August 2022. 2) CDC Holdings will provide all labor and materials to construct the building for $150 million, to be paid within 1 day of completion. 3) The agreement can be terminated for breach of contract if notice and an opportunity to cure are provided, and disputes will be resolved through negotiation, mediation or arbitration under Philippine law.

Uploaded by

Imthe One
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Ramirez, Eugene EJ C.

BSMA 2A
HOMEWORK 11

Subcontractor Agreement

This Subcontractor Agreement is entered into an agreement to build a Condominium by July 2, 2021 until
August 5, 2022 the Subcontractor CDC Holdings Corporation located at Malabon, Metro Manila and the
Contractor Ramirez Condominium located at Caloocan City also individually referred to as the “Party”, and
collectively the “Parties”.

IN CONSIDERATION OF the Subcontractor performing certain services and the Contractor paying the
Subcontractor to perform certain Services, the Parties agree to the following:

1. Services. The Subcontractor agrees to provide the following services and/or materials (collectively
the “Services”):

1.1. Services

1.1.1. Build the condominium

1.2. Materials Provided

1.2.1. All of the materials needed upon constructing the building

2. Compensation. The Contractor agrees to pay the Subcontractor ₱ 150,000,000 for the Services.

3. Payment. Final payment will be made within 1 day of completion of the Services. Payments must be
made to the Subcontractor by credit card/check/money order.

4. Completion. Services must be completed by 1 PM on August 6, 2022

5. Termination.

5.1. This Agreement will automatically terminate when the Services are completed and all
payments have been received.

5.2. If either Party fails to meet its obligations under the Agreement the other Party can terminate
the Agreement for breach of contract. The non-breaching Party must notify the breaching
Party of the non-breaching Party’s intent to terminate the Agreement and provide the
breaching Party fourteen (14) days to correct the breach. If the breach is not corrected within
fourteen (14) days, the non-breaching Party can seek legal remedy pursuant to Section 12 of
the Agreement.
6. Warranty. The Subcontractor warrants the Services for 5 years against all defects in materials and
workmanship.

7. Indemnity and Insurance. The Subcontractor agrees to defend and indemnify the Contractor, as
well as any of the Contractor’s affiliated entities and/or individuals, from all third-party claims that
arise out of, or relate to, the Subcontractor’s work. The Subcontractor must hold at least the minimum
required coverage for the following types of insurance: Workers’ Compensation, Commercial General
Liability, and Automobile Liability.

8. Relationship of the Parties.

8.1. No Exclusivity. The Parties understand that this Agreement is not an exclusive
arrangement. The Parties agree that they are free to enter into other similar agreements with
other parties.

8.2. Independent Contractors. The Parties to this Agreement are independent contractors.
Neither Party is an agent, representative, partner, or employee of the other Party.

9. Waiver. Neither Party can waive any provision of this Agreement, or any rights or obligations under
this Agreement, unless agreed to in writing by the Parties. If any provision, right, or obligation is
waived, it is only waived to the extent agreed to in writing.

10. Assignment. The Parties may not assign their rights and/or obligations under this Agreement unless
both Parties agree to the assignment in writing.

11. Dispute Resolution.

11.1. Choice of Law. The Parties agree that this Agreement shall be governed by the State and/or
Country in which the duties of this Agreement are expected to take place. In the event that
the duties of this Agreement are to take place in multiple States and/or Countries, this

Agreement shall be governed by Philippine law.

11.2. Negotiation. In the event of a dispute, the Parties agree to work towards a resolution
through good faith negotiation.

11.3. Mediation or Binding Arbitration. In the event that a dispute cannot be resolved through
good faith negotiation, the Parties agree to submit to binding mediation or arbitration.

11.4. Attorney’s Fees. In the event of Arbitration and/or Mediation, the prevailing party will be
entitled to its legal fees, including, but not limited to, its attorneys’ fees.

12. Entire Agreement. The Parties acknowledge and agree that this Agreement represents the entire
agreement between the Parties. In the event that the Parties desire to change, add, or otherwise
modify any terms, they shall do so in writing to be signed by both parties.
13. Severability. If any section of this Agreement is found to be invalid, illegal, or unenforceable, the rest
of the Agreement will still stand.

14. Notices. All notices under this Agreement must be sent by email with read receipt requested or by
certified or registered mail with return receipt requested. Notices shall be sent as follows:

Subcontractor

Name: CDC Holdings Corporation and the authorized representative is Miss Elsie Chua

Date: July 1, 2021

Contractor

Name: Ramirez Condominium under Mr. Eugene EJ C. Ramirez

Date: July 1, 2021

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