Cost Plus Contract In Simple Words In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Contract in simple words in Travis outlines the agreement between a contractor and an owner for a construction project based on actual costs plus a fixed fee. Key features include the scope of work, which describes the specific tasks to be completed, and the payment structure, which details how much the owner will pay for materials and contractor's services. The form highlights the responsibility of the contractor to obtain necessary permits and the owner's obligation to determine soil conditions at the work site. Additionally, it includes provisions for changes in project scope and how those changes impact costs. The contract also stipulates late payment fees and a warranty on the workmanship for one year post-completion. This form is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for construction agreements, ensuring all parties understand their rights and obligations. It is particularly useful for managing expenses and changes during the construction process.
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FAQ
Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
