Cost Plus Contract Types In Texas
Instant download
Description
The Cost Plus Contract is a specific type of construction contract primarily used in Texas, where the Owner agrees to pay the Contractor for the actual costs incurred during construction, plus an additional agreed fee. This document outlines critical elements like the scope of work, work site details, permit requirements, and insurance obligations. Notably, it allows for flexibility in project changes via written 'Change Orders,' which ensures that all modifications to the scope will incur additional costs. The Contractor's fee, which can be on a cost plus basis, will include costs related to materials plus a fixed sum for labor. This type of contract is essential for construction projects that may experience unforeseen expenses, providing clarity on how those costs will be managed. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, guiding them in setting clear terms and expectations for construction projects while protecting their interests. To fill out the form, users should enter relevant details concerning the parties involved, project specifics, and payment terms, ensuring that all areas are completed accurately to avoid disputes.
Free preview
Form popularity
FAQ
10 Different Types of Contracts Type of ContractEveryday Use Implied Contracts Common in everyday transactions like dining out. Express Contracts Standard in formal business agreements. Simple Contracts Used for straightforward services or transactions. Unconscionable Contracts Often challenged in court for fairness.10 more rows •
Contract Types Comparison Party 1 offers Unilateral Services or goods that the other party requested, usually in an open request Implied Services or goods Express Anything Simple Something of value to the other party9 more rows •
