Construction Cost Contract Plus With Example In Georgia
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The Construction Cost Contract Plus is a legal agreement between a Contractor and an Owner for construction services. In Georgia, this contract outlines the scope of work, which includes all labor and materials needed to complete the project as per specified plans. It mandates the Contractor to obtain necessary permits and outlines the insurance requirements to protect both parties. The contract includes provisions for changes to the scope of work, requiring written Change Orders for any modifications. Payment terms can be structured as cost plus or fixed fee, detailing how the Contractor will be compensated. Late payments incur charges, while warranty provisions limit the Contractor's liability to workmanship defects for one year. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for managing construction projects, ensuring compliance, and protecting the interests of both the Contractor and the Owner.
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Examples of Contract Costing A bridge is needed over a river at a particular site, and a client gives a contractor this assignment. A contractor opens separate accounts for each contract and numbers them separately to identify any profit or loss made at each contract.
A contract account is an accounting tool used to track financial transactions, such as revenue and expenses, for reporting and budgeting purposes. It helps a business better understand and report direct costs, which are expenses specifically attributable to the project, in an efficient and transparent manner.
