Cost Plus For Construction In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract for cost plus construction in Philadelphia provides a structured legal framework for agreements between contractors and owners. This form outlines the scope of work, specifying that the contractor is responsible for providing all necessary labor and materials. It is essential for contractors to ensure compliance with local regulations through the acquisition of permits, which are considered project expenses. The contract also clarifies that soil conditions at the work site are the owner's responsibility, and any additional work required due to these conditions will incur extra costs. The cost structure includes a 'cost plus' option, where the owner pays the contractor's actual material costs plus a defined fee. It is crucial for owners to use written 'Change Orders' for any modifications to the project's scope to ensure transparency and proper budgeting. This form is particularly helpful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law, as it sets clear expectations and legal protections for both parties. Users should carefully fill in details such as project specifications, payment terms, and site location to comply with legal standards and protect their interests.
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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.
