Cost Plus Contract In Simple Words In Fairfax

• Category: Construction - Contractors
• State: Multi-State
• County: Fairfax
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost Plus Contract is a type of construction agreement where the Owner agrees to pay the Contractor for the actual costs incurred plus an additional fee for their services. This document specifies the scope of work, work site, and the necessary permits that the Contractor must obtain. It also outlines the responsibilities regarding soil conditions, insurance, and boundary surveys. Changes to the project can be made through written Change Orders, affecting the overall cost. Key features include defining the Contractor's fee structure and stipulating conditions for late payments and warranties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it clarifies financial responsibilities, risk management, and compliance with local regulations, ensuring a clear understanding of all contractual obligations.