Assuming this is for a new build with a fixed price, here is one I wish I included:

Contract price includes all costs required to construct house according to architectural plans and additional specifications contained in [name of document], with the exception of only the folowing items, which are excluded from the contract price: X, Y, and Z.

**This will prevent the builder from coming back half-way through the project and saying, "Oh, you've got to pay for X yourself, because i never budgeted for that in my proposal."**

Here are others I did include:

Allowances specified in the contract can be used interchangeably and unused amounts will be credited to the OwnerÂs contract price. Allowances for XX and YY are for materials and labor, while all other allowances are for materials only (with ContractorÂs installation included in the contract price). To the extent allowance items are purchased through the Contractor, Contractor agrees to pass along any pricing discounts received.

Payments shall be made pursuant to the draw schedule, except that final draw shall take place after Owner has made a final inspection of the property and arrangements satisfactory to Owner and Contractor have been made to complete any corrections required for the work to comply with the contract documents.

Time limits stated in the contract are of the essence. If the work is not completed by XX months from the receipt of building permit, then Contractor shall pay $____ per day to Owner until the work is completed, which amounts may be deducted from draws. Any delays caused by the Owner shall extend the completion date for a proportionate time, but Contractor shall provide Owner with written notice of such delay before any delay shall extend the completion date.

If the Contractor defaults or persistently fails or neglects to carry out the Work in accordance with the contract documents or fails to perform a provision of the contract, the Owner, after 7 days written notice to the Contractor, may make good such deficiencies and may deduct the cost thereof, from the payment then or thereafter due the Contractor. Alternatively, at the OwnerÂs option and to the extent that sufficient cause exists to justify such action, the Owner may terminate the contract and take possession of the site and all materials thereon. If the unpaid balance of the contract sum exceeds costs of finishing the work, such excess shall be paid to the Contractor, but if such costs exceed such unpaid balance, the Contractor shall pay the difference to the Owner.

Owner shall provide Contractor with a punch list approximately XX months after issuance of certificate of occupancy and builder agrees to repair all reasonable items on punch list.

Awesome! We are doing a cost plus % build. I like your provisions for default and ability to terminate contract. I was thinking we needed something like that as well. Thank you!!

If you are trying to write your own contract without professional assistance it is wise to use or at least refer to a standard published contract form in order to avoid making mistakes that could be costly later.

Here is a summary of contract terms I prepared for another thread for a Fixed Price contract:

FIXED PRICE CONTRACT OUTLINE

- The Contract Documents - list of Drawings, Specifications & Addenda, etc.

- Dates of Commencement and Substantial Completion

- Contract Sum - Contract Sum, any Unit Prices, any Allowances, any accepted Alternates, and mark-up an Change orders.

- Payment - timing, payment schedule & prodedures, interest on overdue payments

- Insurance - contractor and owner liability and property insurance - Waivers of subrogation

- General provisions - written modifications, definition of the Work, Intent of the Documents, Ownership and use of documents

- Owner - responsibility for surveys & legal description of site, approvals, easements, assessments, OwnerâÂÂs right to stop the Work, and OwnerâÂÂs right to carry out the Work; OwnerâÂÂs right to perform construction and award separate contracts

- Contractor - Responsibility for: Review of Contract Documents and field conditions, preparation of Construction Schedule, notification to local building authorities, compliance with building regulations, supervision and construction procedures, construction means, methods, techniques, sequences and procedures, coordination of the Work, acts and omissions of the Contractor's employees, Subcontractors and their agents and employees, discipline and good order among the Contractor's employees and others, employment of unfit persons or persons not skilled in tasks assigned, delivery, handling, storage and installation of materials in accordance with manufacturers' instructions, substitutions, warranty, taxes, permits/fees and notices, submittals (shop drawings, product data, samples, etc.), cutting & patching, clean up, Owner access to the Work, and indemnification of Owner, ownerâÂÂs consultants, agents and employees

- OwnerâÂÂs Consultant and agent responsibilities

- Changes in the Work - Time adjustments, minor modifications, adjustments for concealed or unknown physical conditions, Change orders

- Time

- Payments and Completion - Applications for payment, materials stored on and off site, title to work, liens, implied acceptance of the work, Substantial Completion defined, Final Payment with release of liens.

- Protection of Persons and Property

- Correction of the Work - during construction period and one year (or more) afterward.

- Miscellaneous Provisions - Assignment of contract, tests and inspections, governing law.

- Termination of the Contract - by owner or contractor.

- Other Terms and Conditions - to be added by the parties.

- Date & signatures of the parties