Cost Plus Contract Meaning With Example In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
A Cost Plus Contract is a type of construction agreement where the owner agrees to pay the contractor for the actual cost of materials plus an additional fee for services. In the Bronx, this contract can be advantageous for projects where costs may fluctuate. For example, if a contractor builds a residential property and incurs $200,000 in expenses, the owner would pay the contractor the materials cost plus an agreed fee, say $30,000, bringing the total to $230,000. Key features include detailed scope of work, work site authorization, permit responsibilities, insurance requirements, and change order processes. Users must fill in specifics like the contractor and owner names, project details, and payment structure. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate development and construction, as it clarifies financial responsibilities and protects both parties in the event of disputes.
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