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Construction Contract Cost Plus Withholding In Ohio

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract Cost Plus Withholding in Ohio is a formal agreement between a contractor and an owner to outline the scope, fees, responsibilities, and conditions for a construction project. This contract includes key features such as the detailed scope of work, work site location, necessary permits, and insurance requirements that ensure both parties are protected. Users are instructed to specify the actual cost of materials plus an agreed-upon fee for services, which can be structured as either cost-plus or fixed fee. Filling and editing the form requires clear identification of all parties involved, accurate descriptions of the project, and signature verifications to validate the agreement. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it serves as a foundation for legal agreements in construction, providing a transparent framework for project execution. The terms regarding changes to the scope of work and late payment penalties help manage expectations and mitigate potential disputes, while warranty provisions ensure accountability for workmanship. Its availability in Ohio law makes it a relevant resource for professionals navigating local construction agreements.

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FAQ

Tax-exempt customers Some customers are exempt from paying sales tax under Ohio law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.

Retainage limits On public construction projects in Ohio, the amount of retainage is capped at no more than 8% of the total contract value. However, when the project reaches 50% completion and satisfactory progress is being made, no more retainage may be withheld for the remainder of the project.

Register online through the Ohio Business Gateway (OBG) at . Once the registration has been completed, employer withholding and school district withholding returns and payments can be submitted immediately. For questions regarding the registration process, call 1-888-405-4089.