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Construction Contract for Home - Fixed Fee or Cost Plus

Contract Cost Plus Agreement With Example In Hennepin

Category:

Construction - Contractors

State:

Multi-State

County:

Hennepin

Control #:

US-00462

Format:

Instant download

Description

The Contract Cost Plus Agreement is a legal document that outlines the terms between the Contractor and the Owner regarding construction work. This agreement specifies that the Owner will pay the actual cost of materials plus an additional fee for the Contractor's services based on a cost-plus model, ensuring transparency in expenses and incentivizing quality work. The contract includes detailed sections such as scope of work, work site specifications, insurance requirements, and conditions for change orders. It emphasizes the importance of written documentation for any modifications and sets expectations for payment timelines, including late payment penalties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law in Hennepin, as it outlines key responsibilities and mitigates potential disputes. Users should fill in specific details like project scope and payment terms and are advised to review the contract thoroughly before execution to ensure mutual agreement on all terms.

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FAQ

Examples: Direct Labor Costs: Wages of employees working directly on the contract. Direct Materials: Supplies used specifically for the contract. Allocated Costs: Costs of contract management, supervision, and depreciation of equipment used for the contract.

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.

Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).