Cost Plus In Construction In New York
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Description
The Construction Contract outlines the 'Cost Plus' payment structure for construction projects in New York. This arrangement allows the Owner to pay the Contractor for the actual costs of materials, along with an additional set fee for services rendered. Key features of the form include provisions for the scope of work, site conditions, permitting requirements, and insurance obligations. Filling out the contract requires details such as the project specifications, work site address, and fee agreement. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law. Its clear structure facilitates addressing complex construction agreements, ensuring all parties understand their responsibilities. Moreover, the inclusion of a change order protocol allows flexibility in project modifications while ensuring transparency in cost management. The contract also provides for late payment penalties, safeguarding the Contractor's interests. In summary, this contract is crucial for ensuring a comprehensive understanding of the cost-plus structure in construction within New York.
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FAQ
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.
Generally, labor accounts for anywhere from 20-35% of total construction expenses, while materials account for 65-80%.
