Construction Contract Cost Plus With Example In Maryland
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Description
The Construction Contract Cost Plus form is designed for both contractors and owners in Maryland, establishing the terms under which a construction project will be executed. This contract highlights the scope of work, work site, permits, soil conditions, insurance requirements, and potential changes in the project scope through written 'Change Orders.' Specifically, it allows for a cost-plus payment structure, where the owner agrees to pay the actual cost of materials plus a specified fee for the contractor's services. For example, in Maryland, an owner might agree to pay the actual costs of materials plus an additional sum, such as $10,000, for the contractor's efforts. Key features of the form include late payment penalties and a warranty from the contractor that is limited to one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for construction agreements, ensuring all parties understand their obligations and rights. Filling and editing instructions emphasize the importance of precise details, such as project location and cost estimates, to avoid future disputes.
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