Types Of Construction Contracts Cost Plus In Dallas
Category:
State:
Multi-State
County:
Dallas
Control #:
US-00462
Format:
Word;
Rich Text
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Description
The construction contract outlines the terms under which a contractor will complete a project for an owner in Dallas. It specifically details the scope of work, permits required, and insurance obligations. A notable feature is the cost-plus payment structure, where the owner agrees to pay the actual costs of materials plus a fixed fee for the contractor's services. This modality is beneficial for projects where costs may fluctuate, ensuring the contractor is reimbursed for actual expenses incurred. Additional clauses include handling changes to the scope of work through written change orders and late payment penalties. The document requires the owner to provide a boundary survey and title opinion prior to construction. It serves to protect both parties by clarifying responsibilities, risk management, and payment terms, making it suitable for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law and project management.
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Contract Types Comparison Party 1 offers Unilateral Services or goods that the other party requested, usually in an open request Implied Services or goods Express Anything Simple Something of value to the other party9 more rows •
EJCDC – Allows liquidated damages for both substantial and final completion. damages and has a built-in clause providing for an early completion bonus. – Not a true warranty; promise to come back and make repairs for first year.
