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, which includes a penalty clause for late completion.

• 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 is a generic contractor document in MS Word format, and is fully editable to fit your specific circumstances.