Cost Plus Contract In Construction In Virginia
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Description
The Cost Plus Contract in Construction in Virginia outlines the terms between the Contractor and Owner for residential construction projects. This type of contract requires the Owner to compensate the Contractor for the actual costs incurred for materials and labor, plus a specified fee. Key features include clarity on the scope of work, responsibility for obtaining necessary permits, and provisions for changes to the project scope through written Change Orders. The contract emphasizes the responsibilities regarding soil conditions, insurance requirements, and the necessity for a boundary survey and title opinion prior to construction. It also stipulates late payment penalties and specifies warranty terms for workmanship defects. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured approach to managing construction agreements, ensuring legal compliance, and protecting the interests of all parties involved.
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FAQ
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.
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.
