Cost Plus Contract In Simple Words In King
Category:
State:
Multi-State
County:
King
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
A cost plus contract is an agreement where the owner pays the contractor for the actual cost of materials and labor, plus an additional fee. This document outlines the scope of work, work site details, and responsibilities regarding permits and soil conditions. Key features include allowing changes to the scope of work through written 'Change Orders' and detailing the contractor's fee structure, which includes options for a cost plus fee or a fixed fee. The contract specifies insurance responsibilities, payment terms, and warranty limitations. It's useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects as it clarifies financial commitments and project specifications. Users are guided on filling out the form with clear instructions and are reminded of the importance of understanding project costs and responsibilities.
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FAQ
Job costing is used for short-term, smaller-scale projects with distinct costs for each job, common in manufacturing or services. In contrast, contract costing is for larger, long-term projects, like construction or civil engineering, where costs are tracked over the life of an extensive contract.
