Cost Plus Fee Construction Contract In New York
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Description
The Cost Plus Fee Construction Contract in New York is a legally binding agreement between a contractor and an owner for the construction of a residential project. This contract outlines the scope of work, work site, permits required, responsibility for soil conditions, and insurance requirements. A key feature is the payment structure, where the owner agrees to compensate the contractor for actual costs of materials plus a specified fee. The contract allows for change orders, which must be documented in writing and can impact project costs. It also specifies late fees for overdue payments and includes warranty provisions for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it provides a clear framework for project expectations and legal obligations. It ensures all parties are aligned on payment terms and responsibilities, reducing potential disputes during the project lifecycle.
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