Cost Plus Contract Meaning With Example In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
A Cost Plus Contract is a type of agreement where the Owner agrees to pay the Contractor for the actual costs incurred on materials and labor, plus an additional fee for their services. In the context of Clark, an example would include specifying that the Contractor's fee will be calculated by adding a percentage to the total costs of materials. This contract format is particularly useful because it allows for flexibility in project scope, accommodating changes while ensuring that the Contractor is compensated for actual expenses experienced. Key features of this form include detailed sections outlining the scope of work, responsibilities for permits, insurance requirements, and adjustments for changes in project scope. Filling and editing should be approached with careful attention to the specifics of the project and signed by both parties to ensure enforceability. This document is relevant for attorneys who draft and review contracts, partners involved in construction projects, Owners seeking clarity on terms, Associates managing construction processes, Paralegals assisting in contract preparations, and Legal Assistants coordinating documentation.
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