Cost Plus Contract In Building In Virginia
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Description
The Cost Plus Contract in Building in Virginia is a legal document outlining the terms under which a contractor will be compensated based on the actual costs incurred for materials, plus a specified fee for their services. The contract includes sections detailing the scope of work, work site, permits, soil conditions, insurance requirements, and procedures for making changes to the scope of work through written 'Change Orders.' A notable feature is that any increased costs resulting from changes must be covered by the owner, ensuring transparency. Legal professionals such as attorneys, partners, owners, associates, paralegals, and legal assistants will find this form useful when managing construction projects, facilitating communication between contractors and owners, and ensuring compliance with Virginia's construction laws. It provides a structured approach to documenting work specifications, responsibilities regarding site conditions, and warranties, making it beneficial for parties seeking to maintain clarity throughout the construction process. Those filling out the form should ensure accuracy in the details provided, particularly in defining the project scope and costs involved, to avoid disputes.
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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.
