Cost Plus In Construction In Palm Beach
Category:
State:
Multi-State
County:
Palm Beach
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus in Construction in Palm Beach document outlines a construction contract between a contractor and an owner, specifically focusing on the cost-plus payment method. This method means the owner agrees to pay the actual costs incurred by the contractor for materials plus a specified fee for services. The contract begins with a comprehensive scope of work, detailing the tasks to be completed and the site where the project will take place. It emphasizes the contractor's responsibility for obtaining necessary permits while establishing that soil conditions are the owner's concern, should any additional work be needed. Key stipulations include provisions for changes to the project's scope via written change orders, payment terms, warranties, and insurance needs. Filling instructions highlight the need for specific project details and payment arrangements, with clear guidance on handling late payments and changes. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, ensuring clarity in contractual obligations and protection of rights.
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FAQ
The percentage of completion method is a revenue recognition accounting concept that evaluates how to realize revenue periodically over a long-term project or contract. Revenue, expenses, and gross profit are recognized each period based on the percentage of work completed or costs incurred.
