Cost Plus Contract Meaning With Example In Riverside
Category:
State:
Multi-State
County:
Riverside
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
A cost plus contract is a type of construction agreement where the owner pays the contractor for actual construction costs plus an additional fee, which may be a fixed sum or a percentage of costs. For instance, in Riverside, if a contractor incurs $100,000 in costs on a project and charges a fee of $20,000, the total payment to the contractor would be $120,000. This contract form includes essential elements such as scope of work, work site details, permit requirements, and insurance obligations. In addition, it allows for changes to the project scope through written change orders, which may adjust the overall cost. The target audience, including attorneys, partners, owners, associates, paralegals, and legal assistants, can leverage this form to ensure compliance and clarity in construction agreements. To fill out the form, users must provide specific project details, including the contractor's fee, and understand the implications of various clauses. This document serves practical use cases, such as project planning, budgeting, and identifying responsibilities between the interested parties.
Free preview
Form popularity
FAQ
As a general rule, if the owner hired whoever drafted the construction plans, or if whoever drafted the faulty plans is an employee or agent of the owner, it is the owner who will be liable for defective plans.
