Cost Plus Contract For Construction In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Contract for Construction in Kings is a legally binding document between a Contractor and an Owner outlining the terms of a construction project. This contract specifies that the Owner will pay the actual costs of materials, plus a predetermined fee for the Contractor's services. Key features include a detailed scope of work, permits, insurance requirements, and provisions for changes to the contract during construction through written Change Orders. The Contractor also bears no responsibility for soil conditions, and the Owner must provide a boundary survey prior to starting work. The contract emphasizes timely payments, with penalties for late payment, and limits the Contractor's warranty to defects in workmanship for one year. This document serves as a pivotal tool for attorneys, partners, owners, associates, paralegals, and legal assistants in managing construction projects effectively, ensuring clarity on costs and responsibilities while minimizing disputes.
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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.
