Home Fee Cost Plus Contract For Construction In Virginia
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Description
The Home Fee Cost Plus Contract for Construction in Virginia is a legal document designated for agreements between a contractor and an owner for residential construction projects. This contract outlines the scope of work, specifying that all labor and materials required for the project must be provided by the contractor, who crafts the residence according to the owner's chosen plans and specifications. A critical aspect of this contract is its 'cost plus' structure, which allows the owner to cover the actual costs incurred by the contractor in addition to a set fee for services rendered. Key features include provisions for site conditions, insurance requirements, and procedures for changes to the scope of work, all of which are vital for ensuring compliance and protecting both parties involved. The contract emphasizes the need for proper permits, and it includes terms related to late payment and warranty limitations. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to navigate construction agreements, ensuring clarity in obligations and rights while safeguarding against potential liabilities.
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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.
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.
