Cost Plus In Construction In Arizona
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Description
The Cost Plus in Construction in Arizona form outlines the agreement between a contractor and an owner regarding a construction project, specifically under a cost-plus payment structure. This form details the scope of work, permits, insurance requirements, soil conditions, and processes for making changes to the project. Key features include the specification of actual costs to the contractor plus an additional fee, which allows for flexibility in payment as project costs may vary. Filling out the form requires clear definitions of the project details and any changes that may arise during construction. It serves various legal roles, such as attorneys, partners, owners, associates, paralegals, and legal assistants, by providing a structured way to document agreements and ensure both parties are protected. The form emphasizes writing clear change orders for any modifications, making it crucial for maintaining transparent communication. Additionally, it addresses late payments and warranties, ensuring cohesion and clarity in contractor-owner relationships during project execution.
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A total Transaction Privilege (Sales) Tax rate of 8.35%, (6.35% State and County, 2.00% Prescott), is imposed on the gross income of any person engaging in Construction Contracting. If tax has been neither separately charged nor separately collected, factoring of tax is allowed in computing taxable income.
