Cost Plus Fee Contract Example In North Carolina
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Description
The Cost Plus Fee Contract example in North Carolina is a comprehensive legal document establishing an agreement between a Contractor and an Owner for construction services. Key features include the scope of work, which outlines the project details, and the work site, where construction shall take place. The form also mandates the Contractor to secure necessary permits at the Owner's expense, emphasizing the importance of understanding soil conditions that may affect project costs. The contract specifies insurance requirements, ensuring protection against various risks during construction. Additionally, provisions for change orders allow the Owner to alter the scope of work, with a clear process for calculating any associated costs. The payment structure can be a cost plus fee or fixed fee, detailing how compensation is determined. Late payment penalties are stipulated to encourage timely payments, and warranty clauses limit the Contractor's liability to workmanship defects within a year. This form serves utility for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for contract negotiations and by outlining legal responsibilities effectively.
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