Construction Cost Plus With Example In Maryland
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Description
The Construction Cost Plus contract is designed for parties engaged in the construction of a project, where the Owner pays for the actual costs incurred by the Contractor, plus an additional fee. In Maryland, this type of contract is particularly beneficial as it allows costs to be more transparent, fostering trust between parties. Key features include a clear scope of work, permitting requirements, insurance obligations, and the delineation of responsibilities regarding soil conditions. Filling out this form requires both the Contractor and Owner to provide accurate details about the project, including total costs and payment timelines. Additionally, it highlights the importance of written Change Orders for any modifications, ensuring clarity and reducing disputes. The utility of this form is significant for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a structured approach to managing construction agreements, safeguarding their interests and minimizing risk. This form can be used by legal professionals to draft enforceable contracts that align with Maryland’s contractual laws and construction regulations.
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