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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Cost Contract Plus With Guaranteed Maximum Price In Virginia

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Construction Cost Contract Plus with Guaranteed Maximum Price in Virginia outlines the agreement between the Contractor and Owner for the construction of a specified project. Key features include clear definitions of the scope of work, work site details, permit requirements, and soil condition disclaimers. The contract stipulates insurance obligations for the Contractor and the necessity for boundary surveys and title opinions before constructing. It allows for changes to the scope of work through written change orders, and it defines the contractor's fee structure, which can be based on actual costs plus a fixed sum or a fixed fee. Additionally, it specifies late payment terms, including penalties and collection costs, along with a limited warranty for workmanship. This contract is particularly useful for attorneys and legal professionals, as it provides a comprehensive framework for drafting, negotiating, and executing construction agreements. Partners and owners can utilize this contract to ensure clarity and define expectations in construction projects, while associates and paralegals can refer to it for organized documentation. Legal assistants benefit from a structured format, facilitating easier editing and filling for project-specific requirements.

Form popularity

FAQ

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One of the biggest benefits of the Construction Manager-at-Risk (CM-R) delivery method is the development of a working partnership between the Owner, design team, and contractor. Typically, with the CM-R process, the contractor will be hired during the design phase shortly after an architect has been selected.

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Limit your down payment or deposit. A good rule of thumb is an initial deposit of no more than 10% down or $1,000, whichever is less. Unless the job requires custom-made items or special orders, in which case an initial down payment should be no more than 30% of the total value of the contract.

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