Cost Plus Contract In Simple Words In Franklin

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

Description

The Cost Plus Contract is designed to facilitate construction projects by outlining the financial terms between the Contractor and Owner in simple terms. Under this agreement, the Owner agrees to pay the Contractor for the actual costs incurred for materials and an additional specified amount for services provided. This structure allows for flexibility in pricing based on the expenses related to the project. Key features include an obligation for the Contractor to obtain necessary permits, liability for soil conditions, and provisions for changes in the scope of work that require written approval. The form also mentions late payment charges and warranties for workmanship and materials. It is particularly useful for attorneys, partners, and owners involved in construction projects, enabling them to ensure clarity in payment terms and liabilities. Paralegals and legal assistants can benefit from understanding the filing and editing instructions to effectively manage contract details and modifications.