Cost Plus In Construction In Salt Lake
Category:
State:
Multi-State
County:
Salt Lake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract features a Cost Plus arrangement whereby the Owner agrees to pay the Contractor for the actual cost of materials, plus an additional fee for services rendered. This form is particularly useful in Salt Lake as it clarifies the financial obligations involved in construction projects, helping to mitigate disputes over costs. Key instructions include detailing the scope of work, defining the work site, acquiring necessary permits, and managing any changes to the project via written change orders. The form also emphasizes the importance of insurance coverage for potential liabilities. Target users such as attorneys, partners, owners, associates, paralegals, and legal assistants will find this document beneficial for outlining contractual relationships and ensuring compliance with local regulations. It streamlines communication regarding costs, responsibilities, and available protections, fostering clarity between the parties involved. Users must ensure completion of all sections and adhere to specified payment terms to avoid late fees.
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FAQ
Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.
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.
