Cost Plus In Construction In North Carolina
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Description
The Cost Plus in construction in North Carolina is a contractual agreement where the Owner pays the Contractor for actual costs incurred, along with an additional fee for services. This contract outlines key features such as the scope of work, work site details, and permit responsibilities, ensuring clarity in the construction process. The Contractor is not accountable for soil conditions, which are the Owner's responsibility, and changes to the project scope can be made via written change orders, impacting project costs. The form includes stipulations for payment structures, including late payment fees and warranty limitations. This document is essential for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants involved in construction projects as it helps establish clear terms and responsibilities, facilitating smoother project management and compliance with North Carolina regulations. Users must carefully fill out specific sections, especially relating to costs and modifications, to ensure that all parties understand their obligations and the financial implications of the contract.
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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%.
