The Ultimate Guide to Fannie Mae Construction Contract Form 3734

Are you a contractor or a construction professional looking to work with Fannie Mae? If so, you may be familiar with the Fannie Mae Construction Contract Form 3734. This form is a crucial document that lays out the terms and conditions for construction projects funded by Fannie Mae.

Understanding Form 3734

Form 3734 is used by Fannie Mae to outline the requirements for construction contracts. It covers a wide range of topics, including the scope of work, payment terms, insurance requirements, and compliance with local laws and regulations. Contractor, important familiarize form ensure construction project meets Fannie Mae`s standards.

Key Components Form 3734

Component	Description
Scope Work	Details the specific work to be performed, materials to be used, and quality standards to be met.
Payment Terms	Outlines the schedule and method of payment for the construction project.
Insurance Requirements	Sets forth the insurance coverage required for the project, including general liability, workers` compensation, and builder`s risk insurance.
Compliance	Ensures that the construction project complies with all applicable laws and regulations.

Case Study: Importance Form 3734

Consider the case of a contractor who failed to adhere to the requirements outlined in Form 3734. As a result, the construction project faced delays and cost overruns, leading to dissatisfaction among all parties involved. This highlights the importance of understanding and complying with the terms of Form 3734 to ensure a successful construction project.

Form 3734 is a critical document for contractors working on construction projects funded by Fannie Mae. Familiarizing requirements ensuring compliance, avoid potential pitfalls ensure success project. If you have any questions or need assistance with Form 3734, it is advisable to consult with legal counsel or a construction professional with experience in Fannie Mae projects.

 

Fannie Mae Construction Contract Form 3734

This Fannie Mae Construction Contract Form 3734 (the “Contract”) is entered into by and between the parties listed below (the “Parties”) on this date.

Contract Details
Contract Number: 3734
Date of Execution: [Date]

Parties
Party A: [Legal Name]
Party B: [Legal Name]

Article I: Scope Work
Party A agrees to perform the construction work as outlined in the project plans and specifications provided by Party B.

Article II: Payment
Party B agrees to pay Party A the sum of [Amount] for the completion of the construction work, in accordance with the payment schedule outlined in Exhibit A.

Article III: Dispute Resolution
In event disputes arising Contract, Parties agree resolve matter arbitration accordance laws jurisdiction construction work performed.

Article IV: Governing Law
This Contract shall be governed by and construed in accordance with the laws of the state of [State], without regard to its conflict of law provisions.

 

Unraveling the Mysteries of the Fannie Mae Construction Contract Form 3734

Question	Answer
1. What is Fannie Mae Construction Contract Form 3734?	Fannie Mae Construction Contract Form 3734 is a standardized form used by Fannie Mae for construction loan agreements. Outlines terms conditions construction project, responsibilities borrower lender.
2. What are the key provisions of Form 3734?	The form includes provisions for the disbursement of funds, inspection and completion requirements, and the allocation of risk between the borrower and the lender. It also addresses change orders, warranties, and lien rights.
3. Can the terms of Form 3734 be negotiated?	While the form is standardized, certain provisions may be negotiated between the borrower and the lender to meet the specific requirements of the construction project. However, any changes should be carefully reviewed by legal counsel to ensure compliance with Fannie Mae guidelines.
4. What happens dispute Form 3734?	In event dispute, resolution process outlined form followed. This may include mediation, arbitration, or litigation, depending on the terms agreed upon by the parties.
5. Are there any regulatory considerations when using Form 3734?	Yes, Fannie Mae has specific guidelines and requirements for the use of Form 3734, and compliance with applicable federal and state laws is essential. It is advisable to consult with legal counsel to ensure adherence to all regulatory requirements.
6. What are the implications of default under Form 3734?	Default under the form can have serious consequences for both the borrower and the lender, including acceleration of the loan, foreclosure, and potential liability for damages. It is crucial to understand the default provisions and seek legal advice if facing potential default.
7. Can Form 3734 be used for residential construction projects?	Form 3734 is primarily designed for commercial construction projects, but it may be used for residential projects under certain circumstances. However, it is essential to assess the suitability of the form for the specific project and seek legal guidance if necessary.
8. How does Form 3734 address construction delays?	The form includes provisions for addressing construction delays, which may involve extensions of time, liquidated damages, or other remedies. It is important to carefully review these provisions and seek legal counsel if delays are anticipated.
9. What are the insurance requirements under Form 3734?	The form outlines specific insurance requirements for the construction project, including property insurance, liability insurance, and builder`s risk insurance. Compliance with these requirements is crucial to protect the interests of the parties involved.
10. How can I ensure compliance with Form 3734?	To ensure compliance with Form 3734, it is advisable to engage legal counsel with experience in construction law and financing. Legal professionals can provide guidance on the proper use of the form and help navigate any legal complexities that may arise.