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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Cost Plus Withdrawal In Cook

Q: What is the difference between a fixed bid project and a T&amp;M project?

A Time &amp; Materials project is billed based on the number of hours worked, at the hourly, daily, or monthly fixed billing rates assigned for that project. A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked.

Category:

Construction - Contractors

State:

Multi-State

County:

Cook

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract outlines the agreement between a Contractor and Owner regarding the construction of a residence, including detailed sections on the scope of work, work site, permits, and insurance. Key features include the stipulation that the Contractor must provide all labor and materials necessary for the project, as well as the requirement for the Owner to supply a boundary survey and title opinion prior to construction. The contract allows for changes to the project scope through written 'Change Orders,' with any additional costs to be covered by the Owner. Importantly, the Contractor's fee structure is based either on actual costs plus a specified fee or a fixed fee, offering flexibility depending on the project needs. Payment terms are clearly outlined, including late fees for overdue payments. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate development and construction, providing a framework for understanding responsibilities and liabilities associated with construction projects.

Form popularity

FAQ

A Time & Materials project is billed based on the number of hours worked, at the hourly, daily, or monthly fixed billing rates assigned for that project. A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked.

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CCDC contracts are ubiquitous in the construction industry. They are used for all manner of different project types and sizes, so much so that familiarity with these documents is almost becoming required to do business in Ontario's construction industry. There are currently around 14 types of CCDC format contracts.

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8 Tips on Reducing Project Costs Improve project estimates. Don't let changes derail the project. Use a project baseline to assess the state of your project. Manage risks. Keep control of the project budget. Take measures to avoid project delays. Reduce project scope and/or duration for reducing costs.