Construction Contract Cost Plus Withholding In Utah
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Description
The Construction Contract for cost plus withholding in Utah outlines the agreement between a Contractor and an Owner regarding the construction of a specified project. Key features include detailed sections on scope of work, work site, and responsibility for permits, allowing the Contractor to manage specific tasks while setting expectations for the Owner. The contract includes crucial clauses on soil conditions, insurance, and necessary documentation like boundary surveys and title opinions, safeguarding both parties’ interests. Notably, the payment structure allows for either a cost plus model or a fixed fee option, providing flexibility based on project needs. Additionally, it addresses the process for making changes to the scope of work through written Change Orders and establishes terms for late payments. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in navigating construction projects, ensuring compliance with local regulations while protecting both parties from potential disputes. Properly filling and editing this form ensures a clear understanding of roles, responsibilities, and financial arrangements, making it an essential tool for effective construction management in Utah.
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FAQ
Typically, retention in a construction contract is set at between three to five per cent of the overall project value. The contractor will still receive instalment or stage payments, but the percentage is deducted from the interim payments.
You must attend a 30-hour pre-licensing course before taking your contractor's license test. This course covers all the information you need in order to pass your test. Finally, you must sit for and pass the Utah business and law exam for general contractors.
