Construction Cost Plus With Example In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract outlines the agreement between a Contractor and Owner for a construction project, specifying the scope of work, work site, permits, insurance, and payment structures, notably the cost plus method. The 'cost plus' feature allows the Owner to pay the actual costs incurred by the Contractor for materials plus an additional fee, enhancing transparency in budgeting. For example, in Suffolk, if the Contractor spends $50,000 on materials and charges an additional $10,000 for their services, the total payment would be $60,000. The form emphasizes the importance of written change orders for any modifications, ensuring clear communication and agreement on additional costs. It details the responsibility for insurance, soil conditions, and stipulates a late payment penalty, contributing to a comprehensive understanding of the contractual obligations. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who manage construction agreements, facilitating clear structure and legal compliance in construction projects.
Free preview
