Construction Cost Plus Withdrawal In King
Category:
State:
Multi-State
County:
King
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract outlines the agreement between the Contractor and Owner for the construction of a residence, based on specified plans and specifications. It emphasizes the Contractor's responsibilities, including obtaining permits and providing labor and materials necessary for the project. A notable feature of this contract is the payment structure, which includes a cost-plus model where the Owner agrees to pay for the actual costs of materials plus a set fee for labor. This model offers flexibility in financing the project based on actual expenses incurred. The contract also addresses conditions such as soil responsibilities, insurance coverage, and the procedure for making changes to the scope of work through written change orders. Key instructions for filling out the form emphasize detailing the work site location, payment arrangements, and obtaining necessary pre-construction documentation. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law, as it provides a clear framework for contractual obligations and protects against potential disputes over scope and payment.
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FAQ
The percentage of completion method is a revenue recognition accounting concept that evaluates how to realize revenue periodically over a long-term project or contract. Revenue, expenses, and gross profit are recognized each period based on the percentage of work completed or costs incurred.
A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked. This flat amount can be applied to the project as a whole, or to each week or month of the project.
Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.
