Construction Contract Cost Plus Withholding In Montgomery
Category:
State:
Multi-State
County:
Montgomery
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract - Cost Plus Withholding in Montgomery is designed to outline the agreement between a Contractor and an Owner for a construction project. Key features include a detailed scope of work, the work site location, and requirements for obtaining permits. The contract specifies that the payment to the Contractor can be structured as either cost plus a fixed fee or a fixed fee only. Important provisions address late payment penalties, insurance obligations, and warranties for workmanship and materials. Users should fill in specific areas, such as project specifics, payment amounts, and any changes to the contract. This form is particularly useful for attorneys, paralegals, and legal assistants when drafting construction contracts, as it provides a clear framework for terms regarding costs and responsibilities. It serves partners and owners by ensuring all parties understand their obligations and protects their interests in construction projects. The form's clear instructions and structured format make it accessible for all legal professionals involved.
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FAQ
On all private projects within the state of Alabama, no more than 10% can be withheld as retainage. However, once a project reaches 50% completion, no more retainage may be withheld. Upon substantial completion of the project, owners must typically release retainage within 60 days.
