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Are you hiring a contractor to do construction or renovation work to your property? Write up an Independent Contractor / Construction Agreement with this easy-to-use template. The contractor agrees to substantially complete the work by a specified completion date agreed to by both parties. If the contractor fails to complete the work by the completion date, the contractor will pay a penalty for each day / week that the work remains unfinished. Alternatively, if the work is completed ahead of schedule, the contractor will be paid a bonus. This Independent Contractor / Construction Agreement with Penalty for Late Completion template is available in MS Word format, and is fully editable to fit your specific circumstances.