Analyze this construction contract against the company's standard clause database.
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CONTRACT FOR CONSTRUCTION SERVICES
Vantaa Aviapolis Mixed-Use Development (VEROMIES)
Contract No.: VAN-MIX-2025-011

Employer: Veromies Development Oy
Contractor: Lujatalo Oy
Contract Value: EUR 45,000,000
Contract Type: Design & Build – Lump Sum
Governing Standard: Finnish General Conditions YSE 1998 (RT 16-10660)

C-001: Governing Law
This Contract shall be governed by and construed in accordance with the laws of Finland. The parties agree that the Finnish General Conditions for Building Contracts YSE 1998 (RT 16-10660) shall apply to this Contract, except where explicitly modified herein.

C-002: Dispute Resolution
Any disputes arising from or relating to this Contract shall be resolved through amicable negotiation between the parties. If the parties are unable to resolve the dispute through negotiation, they shall seek a mutually agreeable solution.

C-003: Language and Interpretation
This Contract is executed in Finnish. All official notices, instructions, and formal communications shall be made in Finnish.

C-004: Contract Price
The Contract Price is agreed as a lump sum of EUR 45,000,000 (forty-five million euros), exclusive of VAT. VAT shall be applied at the prevailing Finnish rate.

C-005: Provisional Sums
A Provisional Sum of EUR 500,000 is included within the Contract Price for landscaping and external works. This sum shall only be expended upon written instruction from the Employer.

C-006: Payment Schedule
Payments shall be made by the Employer against monthly interim payment applications submitted by the Contractor. Payment shall be made within 60 calendar days from the date of receipt of a valid invoice. Each payment application shall be accompanied by a payment certificate signed by the Project Manager.

C-007: Advance Payment
No advance payment shall be made under this Contract. The Contractor shall mobilize works using its own resources.

C-008: Retention
The Employer shall retain 5% of each interim payment as a retention sum. Retention shall be released upon completion of the Defects Liability Period.

C-009: Late Payment Interest
In the event that the Employer fails to make payment by the due date, the Contractor shall be entitled to interest on the overdue sum at a rate of 7% per annum.

C-010: Commencement Date
The Contractor shall commence Works on Site on 2025-08-01 (the Commencement Date).

C-011: Time for Completion
The Works shall reach Practical Completion no later than 2027-12-31 (the Completion Date), representing a construction period of 29 months from the Commencement Date. The Contractor shall submit a construction programme within 30 days of Contract execution.

C-012: Liquidated Damages
If the Contractor fails to achieve Practical Completion by the Completion Date, the Contractor shall pay to the Employer liquidated damages at the rate of EUR 2,000 per calendar day of delay, up to a maximum of 3% of the Contract Price.

C-013: Extension of Time
The Contractor shall be entitled to an Extension of Time for completion in the event of: (a) Variations instructed by the Employer; (b) Force Majeure events; (c) Delays caused by the Employer. EOT claims shall be submitted in writing within 14 calendar days of the event giving rise to the claim.

C-014: Practical Completion
Practical Completion shall be certified by the Project Manager when, in their opinion, the Works have been completed in accordance with the Contract. The Project Manager shall issue a Practical Completion Certificate within 14 calendar days of the Contractor's written notice.

C-015: Defects Liability Period
The Defects Liability Period shall be 12 months from the date of Practical Completion. During this period, the Contractor shall remedy any defects notified by the Employer at no additional cost.

C-016: Variations
The Employer may at any time instruct Variations to the Works. All Variations shall be instructed in writing by the Project Manager. The Contractor shall price Variations and submit a quotation within 14 calendar days of the instruction.

C-017: Contractor's All-Risk Insurance
The Contractor shall obtain and maintain Contractor's All-Risk (CAR) insurance for the value of the Works (not less than EUR 22,000,000) throughout the construction period. The policy shall name the Employer as co-insured.

C-018: Public Liability Insurance
The Contractor shall maintain Public Liability Insurance with a minimum limit of EUR 2,000,000 per occurrence.

C-019: Health and Safety
The Contractor shall comply with all applicable Finnish health and safety legislation and shall maintain a safe working environment on Site.

C-020: Subcontracting
The Contractor shall not subcontract the whole of the Works. Subcontracting of specialist works is permitted with prior written approval of the Employer. The Contractor shall remain fully responsible for all subcontractor works.

C-021: Materials and Workmanship
The Contractor warrants that all materials used shall conform to applicable Finnish and European standards. All workmanship shall be of a good and workmanlike quality.
