Cost Plus Contract In Project Management In Maryland
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Description
The Cost Plus Contract in project management in Maryland is designed to outline the agreement between a contractor and an owner for a construction project. This contract specifies the scope of work, work site, permits, and soil conditions, highlighting that the contractor is not liable for soil issues. It emphasizes that the owner is responsible for additional site work, with both parties needing to follow proper insurance protocols. The contract also allows for changes to the scope of work via written change orders, with payment adjustments outlined based on these modifications. Under the Cost Plus provision, the owner compensates the contractor for actual material costs plus a fee, making it flexible for various project expenses. The contract provides clear instructions for filling out payment amounts and includes terms regarding late payments and warranties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, ensuring they understand financial obligations, legal responsibilities, and necessary documentation in Maryland.
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A home improvement contract must contain the contractor's name, address, telephone number, and MHIC license number. If a salesperson solicited or sold the home improvement, then the contract must also contain the name and license number of each salesperson.
