Contract Cost Plus Agreement For Construction In New York
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Description
The Contract Cost Plus Agreement for Construction in New York outlines the terms between the Contractor and the Owner for a construction project. This agreement includes the scope of work, identifying the specific tasks and requirements as outlined in the plans. The Contractor is responsible for obtaining necessary permits, while the Owner must provide a boundary survey and title opinion. Key features include a cost plus payment structure where the Owner agrees to pay the Contractor for actual material costs plus a specified fee. Change orders can be initiated by the Owner, but must be documented in writing, and any costs must be paid regardless of initial estimates. The Contractor is required to maintain appropriate insurance and handle any site issues related to soil conditions. Late payment terms are specified, including a late fee, and the Contractor provides a limited warranty for workmanship. This form is valuable for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clarity on obligations, responsibilities, and financial arrangements in construction projects, ensuring all parties are aware of their rights and duties.
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How To Write A Construction Contract With 7 Steps Step 1: Define the Parties Involved. Step 2: Outline the Scope of Work. Step 3: Establish the Timeline. Step 4: Determine the Payment Terms. Step 5: Include Necessary Legal Clauses. Step 6: Address Change Orders and Modifications. Step 7: Sign and Execute the Contract.
