Cost Plus Contract In Simple Words In Ohio
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Description
A Cost Plus Contract in Ohio is a construction agreement where the Owner pays the Contractor for the actual costs of materials and labor, plus an additional fee. This contract outlines the responsibilities of both parties, including the scope of work, insurance requirements, and how changes to the project are handled. It highlights that the Contractor is not responsible for unforeseen soil conditions and provides guidance on obtaining necessary permits. A key feature is the ability for the Owner to request changes through written Change Orders, which may incur additional costs. For filling and editing, users must accurately define the project specifications, payment terms, and manage timelines for payments and changes. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects as it ensures clear terms and protects both parties, while enabling flexibility in project adjustments. Understanding this contract assists legal professionals in advising clients regarding risks and responsibilities in construction agreements.
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