Construction Cost Plus With Example In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Plus contract outlines the agreement between a Contractor and an Owner for a residential project in Queens. The contract specifies the scope of work, work site, and the responsibilities of both parties. A key feature of this form is the cost-plus structure, where the Owner pays the actual costs incurred by the Contractor for materials, plus an additional fee specified in the contract. For example, if the Contractor spends $100,000 on materials and charges a fee of $20,000, the total cost would be $120,000. The contract also includes provisions for permits, insurance, changes in scope, and payment terms. It emphasizes the need for written change orders for any modifications, ensuring that both parties maintain clear communication. This form is particularly useful for attorneys, partners, and paralegals involved in real estate transactions or construction oversight, as it provides a clear framework for legal obligations and protections. Owners benefit from having a detailed contract that outlines their rights and responsibilities, and associates can refer to it when assisting in project management or legal compliance.
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Construction Contractors: 10 Ways to Increase Your Company's Valuation Before Selling Avoid customer concentration. Collect Retainage and manage Accounts Receivable. Maintain a solid management team. Demonstrate your project history. Maintain a list of contracts. Maintain a list of bids. Save project estimate data.
