This form is a Construction Contract that may be executed with either a cost plus or fixed fee payment arrangement. The form contains the following additional subject matters and complies with the laws of the State of Arkansas: scope of work, work site, warranty and insurance.
Cost Plus Construction Contract Template With Word
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SIMPLE CONSTRUCTION PROPOSALSThe names and contact information of the owner and contractor.The location of the work.A detailed description of the work to be completed (scope of work)The cost of the work and a payment schedule.The signatures of both parties and the date.
Elements of a Construction ContractName of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.More items...
Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.
What Should Be in a Construction Contract?Identifying/Contact Information.Title and Description of the Project.Projected Timeline and Completion Date.Cost Estimate and Payment Schedule.Stop-Work Clause and Stop-Payment Clause.Act of God Clause.Change Order Agreement.Warranty.More items...
What should be included in a Contractor Agreement?Statement of Relationship.Project Description.Payment and Billing Terms.Responsibilities of Each Party.Project Timeline and Deadlines.Termination Conditions.Nondisclosure Terms, and Confidentiality and Non-Compete Clauses.
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Be picky – find out how much each item adds to the total cost, what the labor costs will be, and how long each contractor estimates it will take. The parties to a CostPlus with GMP contract negotiate at the outset how any costs savings (i.e.Cost Plus Contract: This Document is written to be a cost plus contract.