Subcontract Agreement between High-Rise Electric, Inc. and Five Star Electric Corp. for Electrical Work Completion
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Summary
High-Rise Electric, Inc. and Five Star Electric Corp. enter into an agreement for Five Star to complete electrical work on a specified job. Five Star will be paid a set amount, with any additional payments requiring authorization. Five Star will invoice monthly, and High-Rise will pay according to standard terms. Five Star is not liable for issues before January 1, 2005, must follow provided plans and standards, maintain insurance and licenses, and pay taxes from January 1, 2005 onward. The agreement outlines the responsibilities and payment terms for both parties.
EX-10.29 3 a4815528ex1029.txt EXHIBIT 10.29 FORM OF AGREEMENT Exhibit 10.29 FORM OF AGREEMENT HIGH-RISE ELECTRIC, INC. 47-25 34th STREET LONG ISLAND CITY, NEW YORK 11101 TEL: (718) 784-1152 FAX: (718) 784-2147 PURCHASE ORDER No: __________________ Date: _________________ Subcontractor: Five Star Electric Corp. High-Rise Electric Job No: _______ Job Name: ________________________ Customer Name: ___________________ Original Contract Values through December 31, 2004: - --------------------------------------------------- Original contract: $_______ Approved change orders: _______ Unapproved (pending) change orders: _______ Additional Billings: _______ Total Amount Billable: _______ ======= Total Amount Billed by or on behalf of HRE through 12/31: ($_______) Balance to be Billed: $_______ High-Rise Electric, Inc. (High-Rise) hereby subcontracts with Five Star Electric Corp. (Five Star) to complete the electrical work on the above referenced Job, and to pay Five Star $______________ (the Balance to be Billed) for such completion. High Rise will not have to pay any more than that amount to Five Star to complete the electrical work except for any additional work authorized by either the owner, general contractor or High Rise. Five Star will bill High Rise on a monthly basis in accordance with the Job's past practice. Payment to Five Star of such bills will be made by High Rise monthly pursuant to the Job's customary payment and retention terms. Five Star will perform the work within a reasonable time period; however in no event shall Five Star Electric Corp. be responsible for any damages or delays due to acts or omissions occurring prior to January 1, 2005. Five Star will adhere to any architectural drawings, engineering reports, or industry standards expressed or implied in the existing contract between High-Rise and the general contractor (but only to the extent that such drawings, reports and/or standards have been provided to Five Star by High Rise). Five Star will also carry proper insurances, maintain all necessary licenses until job is successfully completed and closed out, and pay any applicable sales and use taxes incurred from January 1, 2005 forward. HIGH RISE ELECTRIC, INC. By: __________________________ Name: Title: FIVE STAR ELECTRIC CORP. By: __________________________ Name: Title:
