Home Fee Cost Plus Contract Formula In Georgia
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Description
The Home fee cost plus contract formula in Georgia outlines the agreement between a Contractor and an Owner for the construction of a residential project. This form allows for flexibility in pricing, providing options for a cost-plus fee or a fixed fee structure, ensuring transparency regarding actual costs and additional expenses. Key features include a detailed scope of work, site location, permit responsibilities, and provisions for changes to the project scope through written change orders. Instructions for filling out the form emphasize the need for clarity in specifying costs and responsibilities, particularly for unforeseen soil conditions. This form is particularly useful for various legal professionals—attorneys can help navigate contract complexities, partners and owners facilitate bids, associates manage project specifics, and paralegals and legal assistants ensure compliance with local laws. The document also includes provisions for late payments and warranties, which safeguard the interests of both parties. Overall, this contract serves as a vital tool for effective communication and agreement in construction projects.
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FAQ
A CPIF contract has a Sharing Ratio. A 80/20 sharing ratio means that 80% is for the buyer, and 20% is for the seller. Remember this. The ratio is always written in the Buyer:Seller Ratio format.
