Contract Cost Plus Agreement With Example In Ohio
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Description
A contract cost plus agreement in Ohio allows the Owner to pay the Contractor for the actual costs incurred during a construction project, plus an additional fee for the Contractor's services. This type of agreement is particularly useful in situations where the scope of work may change or be difficult to estimate in advance. Key features of the form include the detailed scope of work description, payment structure, and provisions for changes via written change orders. Users must ensure proper filling out of the contract by specifying both the actual costs and the agreed-upon fee for services. It is also essential to include clearly defined terms regarding late payments and warranties. This form serves the construction sector well, providing clarity and legal protection for both parties involved. It's beneficial for attorneys, partners, and owners as it outlines responsibilities and compensation clearly, while paralegals and legal assistants can leverage it for effective documentation management.
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