Construction Contract Cost Plus Withholding In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus Withholding in Bronx is a legal document designed to formalize the agreements between a contractor and an owner regarding a construction project. This contract specifically outlines the cost structure, which is based on the actual cost of materials plus a specified fee for the contractor's services. Key features of the form include clear definitions of the scope of work, work site, and responsibilities concerning permits and soil conditions. The contractor is also responsible for obtaining necessary permits at the owner's expense. Furthermore, the form contains provisions for changes to the scope of work through written change orders, late payment penalties, and warranty limitations on workmanship. This form serves as a critical tool for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law, ensuring all parties understand their rights and obligations. It allows for customizable entries, making it adaptable to various project needs while ensuring compliance with local regulations. Users should fill in specific details regarding the contractor, owner, project scope, and payment terms, and be mindful of including all necessary signatures to make the document legally binding.
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FAQ
On November 17, 2023, the State of New York enacted the “5% Retainage Law.” This legislation effectively limits the amount of retainage that can be held from general contractors and subcontractors to no more than 5%. It applies to many but not all construction contracts.
