Rights of the Owner:If the builder hands over the building to you and full and final settlement is made towards the construction, and if any defect or damage occurs to the building within the stipulated period as mentioned in the agreement then you can claim against the builder for the loss suffered by you. If the builder has not constructed the building as per the plan or agreement, you can withhold the payment and you are entitled to claim compensation from the builder. You can also include a clause in the written agreement that the contractor shall give guarantee that he holds responsibility for any defect or damage occurs as a result of his construction for a described period from the date of completion of the work. Rights of the Builder:If full and final settlement is not made by the owner of the property, you can claim to make the settlement along with interest. But you have to prove that there is no fault on your side. Insurance:If any accidents happen during the progress of construction work, you have to face a heavy loss. So it is advisable for you to take the fire and liability insurance for your building before the construction work is commenced. Workmen compensation insurance is also important for the construction employees. You have to verify that the builder has taken workmen compensation insurance for his workmen before the commencement of work. If any accident happen the insurance company will give compensation for the property and workmen depends upon the loss. Dispute:The dispute between the builder and the owner of the property occurs mainly due to incomplete construction, delaying of construction, improper construction on the constructor side and withholding of payment on the owner side. Before entering into a contract it is always advisable to analyze these issues. Consult an attorney before entering in to a contract and he will guide you and instruct you how to make a proper agreement so that you can meet any dispute arising in future. |
