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Get Construction Contract Cost Plus Or Fixed Fee - Arkansas
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How to use or fill out the Construction Contract Cost Plus Or Fixed Fee - Arkansas online
Filling out the Construction Contract Cost Plus Or Fixed Fee - Arkansas is an essential step for both contractors and owners in formalizing their agreement for construction work. This guide will walk you through each section of the contract, ensuring you understand how to complete it accurately and effectively online.
Follow the steps to complete your construction contract online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Enter the name and address of the Contractor in the designated fields. Ensure that the information is accurate to avoid any future disputes.
- Fill in the name and address of the Owner. This should reflect the exact legal name of the person or entity entering into the contract.
- Outline the scope of work by providing a detailed description of the project, including labor and materials to be used. Reference any attached drawings or specifications.
- Specify the work site location, ensuring it matches the Owner's property details. This is important for legal clarity in terms of where the project will take place.
- Set the time of completion by filling in the anticipated start and substantial completion dates. Be realistic and consider potential delays.
- Indicate the contractor's responsibilities regarding permits by affirmatively stating that they will secure the necessary approvals as required by local authorities.
- Acknowledge any existing soil conditions and note that additional work may incur extra costs as per a Change Order, if applicable.
- Specify the payment method: choose either the Cost Plus structure or Fixed Fee, and input the relevant amounts in the provided fields.
- Review obligations related to late payments, ensuring both parties understand the consequences of late payment.
- Complete the sections related to destruction and damage, responsibilities, and assignments as necessary.
- Both parties should sign and date the contract. Ensure that signatures are clear, and print names and titles where indicated.
- Once everything is filled out and verified, save your changes, and consider downloading or printing the document for your records.
Complete your construction contract online today to ensure your project is officially documented.
A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million —the cost plus the fee.