Collateral Warranty
I. Introduction
This Collateral Warranty is issued to [BUILDING OWNER] for the purpose of providing assurance of the structural integrity of the completed construction work performed by [CONTRACTOR] at [PROJECT LOCATION].
It is our commitment to ensure that the construction work meets the highest standards of safety and quality, and we stand by our workmanship in this warranty.
II. Coverage Period
The coverage period of this warranty will be [NUMBER OF YEARS], starting from the date of completion of the construction work as certified by [PROJECT MANAGER].
During this period, any structural defects or issues arising from the construction work will be covered under this warranty.
III. Coverage Details
The warranty covers structural defects, faults, or failures directly resulting from the construction work carried out by [CONTRACTOR].
It includes but is not limited to issues with foundation, beams, columns, roof, walls, and any other structural elements included in the construction.
IV. Limitation of Liability
[YOUR COMPANY NAME] will not be liable for any damages or issues that arise due to improper maintenance, natural disasters, or alterations made to the construction work without prior approval.
The maximum liability under this warranty shall not exceed the total cost of the construction work performed by [CONTRACTOR].
V. Claim Process
Notify [YOUR COMPANY NAME] of any structural issues or defects within [NUMBER OF DAYS] of discovery.
Provide documentation and evidence of the issue for assessment by our team.
Our team will conduct an inspection and provide a resolution plan within [NUMBER OF DAYS].
VI. Owner's Responsibilities
VII. Transferability
This warranty is transferable to subsequent owners of the property upon written consent from [YOUR COMPANY NAME].
However, the obligations and responsibilities of the new owner will remain the same as outlined in this warranty.
VIII. Governing Law
This warranty, in its entirety, shall be governed by and interpreted according to the laws of [YOUR COUNTRY]. In the event that any disagreements or disputes arising out of the application, interpretation, breach, termination, validity or otherwise of this warranty, all such matters shall be under the exclusive jurisdiction of the courts located within [YOUR CITY].
IX. Dispute Resolution
In case of any disputes or disagreements regarding this warranty, both parties agree to first attempt mediation before pursuing any legal action.
Mediation will be conducted by a neutral third party agreed upon by both [BUILDING OWNER] and [YOUR COMPANY NAME].
X. Miscellaneous Terms
This warranty constitutes the entire agreement between the parties and supersedes any prior agreements or understandings.
Any amendments or modifications to this warranty must be made in writing and signed by both parties to be valid.
XI. Conclusion
In summary, our Collateral Warranty assures [BUILDING OWNER] of our commitment to top-tier construction standards. Covering structural defects for [NUMBER OF YEARS], it safeguards against issues stemming from [CONTRACTOR]'s work. While our liability is capped at the project's cost, prompt notification of issues ensures efficient resolution. Responsibilities for maintenance and alterations are outlined, with transferability upon consent. Governed by [YOUR COUNTRY]'s laws, disputes are subject to mediation. This warranty constitutes our full agreement, with amendments requiring written consent.
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