Construction Contract Cost Plus With Example In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract, specifically the cost plus version, is designed to establish a clear agreement between a contractor and an owner regarding the construction of a residential project. In this contract, the owner agrees to pay the contractor for the actual costs of materials plus an additional fee, allowing flexibility in labor and material prices. Key features include a detailed scope of work, permit obligations, and a clause addressing soil conditions. For filling and editing, users should clearly specify the project details, costs, and any changes through written amendments known as Change Orders. Attorneys, partners, owners, associates, paralegals, and legal assistants benefit from this form as it provides a reliable framework for managing construction agreements, ensuring compliance with local regulations, and reducing the risk of disputes arising from unclear terms. The cost plus structure allows owners to understand the financial implications better while enabling contractors to be compensated fairly for their work.
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FAQ
Job costing is used for short-term, smaller-scale projects with distinct costs for each job, common in manufacturing or services. In contrast, contract costing is for larger, long-term projects, like construction or civil engineering, where costs are tracked over the life of an extensive contract.
