Contract basics for new build

[Mark Pierce]

I'm working on my first deal, a new build in a developing portion of the city. 

The builder's contract seems to be raking me over the coals. Here are some of the issues that seem outrageous.  What's the norm and industry standard for a couple of these issues. 

- Invoices are due in 3 business days or are penalized a 1.5% late fee. 

- Builder can default and walk away for $1,000 inconvenience fee. Owner (me) owes the entire builder's fee $17k+ if I walk away from the contract.

- Build estimated to be substantially completed by 180 days. (no ending time frame or penalties for longer than that). 

-- I was thinking if not complete by 270 days then owner can hire new contractor to finish work without penalty of breach of contract. 

- Builder asks me to indemnify, hold harmless and defend the builder for any and all claims associated with design issues. (The design they provided)

Again first build. If these are industry standards then I just need to accept the risk but the contract seems to heavily favor the builder.