Cost Plus Construction Contract Example In Virginia
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Description
The Cost Plus Construction Contract example in Virginia is a structured legal document that facilitates the agreement between a contractor and an owner regarding the construction of a specified project. It outlines key elements such as the scope of work, work site, necessary permits, insurance requirements, and conditions related to soil and site surveys. Notably, this contract permits the owner to make changes to the project scope through written change orders, with the contractor compensated for actual costs plus a specified fee. The form highlights deadlines for payments and adds provisions for late charges, ensuring clarity on financial responsibilities for both parties. It also limits the contractor's warranty to workmanship defects for one year, providing a framework for quality assurance. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it establishes clear terms and conditions, minimizes disputes, and safeguards against liability, making it an essential tool in the construction legal framework.
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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.
