Construction Cost Plus With Cost-plus Pricing In Maryland
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Description
The Construction Contract outlines the terms and conditions for a construction project under a cost-plus pricing model in Maryland. This form is crucial for the Contractor and Owner relationship, detailing the scope of work, work site, and necessary permits. It specifies that the Contractor is responsible for acquiring permits and is not liable for soil conditions at the work site. A significant feature is the cost-plus fee structure, where the Owner agrees to pay the Contractor for actual material costs plus an additional agreed-upon amount. The form includes provisions for changes in the scope of work through written change orders, alongside a late payment clause detailing penalties for overdue payments. It also addresses warranty limitations for workmanship and materials. This document serves as a vital tool for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants, ensuring clarity in financial arrangements and responsibilities, thus protecting the interests of all parties involved while facilitating legal compliance in construction contracts.
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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.
