Cost Plus For Construction In Maryland
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Description
The Cost Plus for Construction in Maryland is a contractual agreement that allows the Contractor to bill the Owner for the actual costs incurred, plus a predetermined fee for services. This form is essential for legal professionals involved in construction projects, ensuring clarity and compliance with local laws. Key features include a detailed scope of work, work site identification, permit acquisition responsibilities, and provisions for soil conditions. Additionally, it outlines insurance requirements and conditions for making changes to the project scope via written Change Orders. The form also specifies payment terms, including late fees and warranty limitations for workmanship. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form useful for safeguarding client interests and defining expectations clearly. It simplifies the management of construction costs and helps mitigate disputes, thus promoting smooth project execution.
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Transfer tax is at the rate of . 5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in that case the transfer tax rate is . 25 percent of the actual consideration.
