Cost Plus Construction Contract With Example In New York
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Description
The Cost Plus Construction Contract, with an example in New York, is a legally binding document establishing the terms for a construction project between a contractor and an owner. This contract specifies that the owner will pay the contractor for the actual costs of materials, in addition to a set fee, ensuring transparency in expenses. Key features include detailed descriptions of the scope of work, work site, permit responsibilities, soil condition disclaimers, insurance requirements, and change order processes. The contract also outlines terms for payment, including late payment penalties and warranty provisions for workmanship defects. Utility for target audiences such as attorneys, partners, owners, associates, paralegals, and legal assistants includes providing a clear framework for construction agreements, offering legal protections during construction, and acting as a guide for compliance with local regulations. Filling and editing instructions emphasize the importance of accurately detailing project specifics and customizing terms to suit particular projects and stakeholder needs.
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Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.
