Unit Price Contract (Genie AI)

The Unit Price Contract (Genie AI) legal template is a comprehensive document that outlines the terms and conditions for a construction or procurement project between two parties – the contractor and the client. This template is specifically tailored for projects involving artificial intelligence technology, referred to as Genie AI in this contract.

The template starts by defining the project's scope, objectives, and specifications, including the roles and responsibilities of each party. It then establishes the pricing structure based on unit rates, where the client pays the contractor per unit of work completed. The unit prices are typically agreed upon and mentioned in the contract, along with any specific conditions or exclusions.

The template also covers payment terms, such as how and when invoices will be submitted and the timeline for payment. It includes provisions for additional work or changes in scope, outlining the process for requesting and approving such modifications, as well as any corresponding adjustments to unit prices.

Risk allocation and liability are important aspects of this contract, and the template includes clauses that outline how risks will be assessed, managed, and shared between the parties. It also addresses issues related to insurance, indemnification, and dispute resolution mechanisms to ensure a fair and balanced resolution in case of any conflicts.

The Unit Price Contract (Genie AI) legal template aims to provide a clear and legally binding agreement for a construction or procurement project involving artificial intelligence technology. It helps both parties successfully navigate their responsibilities, pricing, and potential risks associated with the project, fostering transparency, efficiency, and trust throughout the project's duration.