Contract Cost Plus Form With Example In Virginia
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Description
The Contract Cost Plus Form is a critical document utilized in Virginia for establishing agreements between contractors and owners in construction projects. This form allows owners to pay for the actual costs of materials and labor plus a specified fee for services. It incorporates essential sections that outline the scope of work, location of the project, required permits, insurance responsibilities, and procedures for changes in the project. Notably, the cost plus payment structure provides flexibility for owners, ensuring that unforeseen expenses can be adequately accommodated. For instance, the form specifies that any changes to the project must be documented through written change orders, which helps maintain clear communication and expectations. Filling out the form requires precision, particularly in specifying the contractor's fee, which can be based on either cost plus or fixed fee formats. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a structured approach to managing construction contracts while ensuring compliance with local regulations. Additionally, it helps mitigate disputes by clearly defining roles, responsibilities, and payment terms.
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FAQ
Licensed contractors are required by law to provide a written contract for residential work, signed by both parties. Don't rely on verbal agreements. Get all guarantees, warranties, and promises in writing. Limit your down payment or deposit.
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).
