Sample Of Cost Plus Contract For Construction In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Sample of cost plus contract for construction in Kings outlines the terms between a Contractor and an Owner for a construction project. Key features include an explicit scope of work, a designated work site, and clauses addressing permits, soil conditions, insurance, and survey requirements. The contract allows for changes to the work scope via written Change Orders, which may result in adjusted project costs. Payment can be structured as a cost plus fee, where the Owner pays for actual material costs plus a fee for services, or a fixed fee for specified services. The contract stipulates consequences for late payments and includes a limited warranty for workmanship defects. This form is particularly useful for legal professionals such as attorneys, paralegals, and legal assistants involved in real estate and construction law. Partners and owners can utilize this contract for clear, enforceable agreements that protect their interests. Additionally, associates may find this document beneficial for understanding contractual obligations and ensuring compliance during the construction process.
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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.
