Cost Plus Contract With Example In Arizona
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Description
A Cost Plus Contract is a construction agreement whereby the Owner compensates the Contractor for the actual costs incurred for materials and labor, plus an agreed fee. In Arizona, this contract type is beneficial in situations where project costs may fluctuate, providing flexibility for both parties. Key features of this form include detailed provisions on the scope of work, site conditions, insurance requirements, and change orders. For instance, the Contractor is reimbursed for direct expenses incurred during the project while also receiving a predetermined fee for their services. Filling in the contract involves specifying the exact project details, the cost structure, and any deadlines for payment. Target audiences, including attorneys, partners, owners, associates, paralegals, and legal assistants, can utilize this form to effectively manage construction projects, ensuring compliance with legal requirements while safeguarding financial interests. This form emphasizes clarity and mutual understanding between contractors and owners, making it suitable for various construction needs in Arizona.
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FAQ
As a general rule, if the owner hired whoever drafted the construction plans, or if whoever drafted the faulty plans is an employee or agent of the owner, it is the owner who will be liable for defective plans.
