What are the requirements for a construction contract in Virginia?

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.

US Legal Forms
Forms Kit
Construction Contractor Forms
Multi-State
Construction Contract for Home - Fixed Fee or Cost Plus

Cost Plus In Construction In Virginia

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract form addresses the cost plus method for construction in Virginia, where the Owner pays the Contractor for the actual costs incurred plus a specified fee for services. Key features include the scope of work, requiring detailed plans and specifications, and the work site description that outlines where the project will take place. This form mandates the Contractor to obtain necessary permits and clarifies that soil conditions are the Owner's responsibility, thus avoiding potential disputes. Change orders allow Owners to modify the scope of work, ensuring transparency about cost increases while requiring written documentation. The payment structure can involve either a cost plus arrangement or a fixed fee, giving flexibility based on the project requirements. Utility of this form is significant for Attorneys who may negotiate contract terms, Partners and Owners ensuring clarity in financial responsibilities, Associates and Paralegals managing documentation, and Legal Assistants aiding in contract creation and review. This form serves as a vital tool in defining roles and protecting the interests of all parties involved in construction projects.

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FAQ

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.

Typically, professional services are not taxable in the state of Virginia unless it results in the creation of a product to be sold.

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.

Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.