Acceleration of Contract Performance is provided to inform you about this document in question and assist you in its preparation. Time is money, especially in the construction business. This agreement can reward a contract with extra money for completing a job early. This can be used effectively in other business areas as well such as software development.
1. Make multiple copies. Give one original to each party.
Acceleration of Contract Performance
________________________, referred to as CONTRACTOR, and _____________________, referred to as OWNER, agree:
The parties have entered into an agreement for ___________________________, on _________________. Pursuant to this agreement, and any modifications thereto, substantial completion of the work is scheduled on _________________.
OWNER desires that the work be substantially complete on or before _________________.
CONTRACTOR, in consideration of an additional payment of $__________ (_____________________________ & _____/100) due on or before _________________, herewith agrees to complete all work in accordance with the plans and specifications of the original contract by _________________.
Time is of the essence in this contract. The parties agree that if the work is not completed within the time set forth in this agreement, the OWNER shall suffer damages, which shall be difficult of calculation. Accordingly, solely as liquidated damages and not as a penalty, the CONTRACTOR shall pay to OWNER the sum of $ __________ (_____________________________ & _____/100 dollars) per ______________ beyond the date specified for the completion of the work herein.
Other than those changes set forth herein, the original contract dated _________________ shall remain in full force and effect.
This is the entire agreement between the parties and this agreement may only be further amended in writing.
________________________ By Owner
_____________________ By Contractor