Cost Plus Contract In Simple Words In Harris

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

Description

The Cost Plus Contract is a legal agreement between a contractor and owner for construction projects. In simple terms, it specifies that the owner agrees to pay the contractor for the actual costs of materials plus a set fee for their services. This contract outlines the scope of work, work site, necessary permits, and insurance requirements. The contractor is not liable for soil conditions and changes to the project need to be documented through written 'Change Orders.' If payment is late, there are fees associated with it. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects. They can identify potential costs and liabilities upfront and ensure compliance with local regulations. This contract allows flexibility in project management while providing both parties a clear understanding of their responsibilities and financial commitments.