Acceleration Agreement
Acceleration Agreement

The following Construction precedent provides comprehensive and up to date legal information covering:

  • Acceleration Agreement

Date [insert date of Agreement]

Parties

  1. 1

    [insert name of Employer] of [insert address] incorporated in England and Wales with company registration number [insert company registration number] (the 'Employer')

  1. 2

    [insert name of Contractor] of [insert address] incorporated in England and Wales with company registration number [insert company registration number] (the 'Contractor')

Whereas

    1. (A)

      The Employer has entered into a contract with the Contractor for the[ design and] construction of a [insert brief description of the project] at [insert location of site] (the 'Building Contract').

    1. (B)

      [There has been a delay to the progress of the works under the Building Contract OR The Employer has increased the scope of works under the Building Contract OR The Employer wishes to shorten the period for the completion of the works].

    1. (C)

      The parties have agreed to accelerate the progress of the works in accordance with the terms of this Agreement.

IT IS HEREBY AGREED as follows

    1. 1

      Definitions and interpretation

      1. 1.1

        In this Agreement the following expressions shall have the following meanings:

        Accelerated Completion Date

        1. means [revised (accelerated) completion date].

        Acceleration Payment

        1. [means [£[insert amount of acceleration payment] OR the amount(s) to be paid by the Employer to the Contractor as set out in Schedule 2].]

        Acceleration Programme

        1. means the programme [revised and updated by the Contractor to reflect the acceleration of the Works in accordance with this Agreement OR set out in Schedule 1 of

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