Cost Plus For Construction In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus for Construction in Wake is a construction contract outlining the agreement between the Contractor and the Owner for building a project. This form specifies the scope of work, work site, and responsibilities regarding permits and soil conditions. A key feature is the payment structure, where the Owner agrees to cover the actual costs of materials plus a predefined fee for the Contractor's services. This form includes provisions for changes to the scope of work, ensuring all modifications are documented through Change Orders, with cost implications addressed. It emphasizes the Contractor's insurance obligations, the need for a boundary survey and title opinion, and sets out conditions for late payment and warranty limitations. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, providing clear guidelines on responsibilities and financial arrangements to ensure compliance and protect interests.
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FAQ
The percentage of completion method is a revenue recognition accounting concept that evaluates how to realize revenue periodically over a long-term project or contract. Revenue, expenses, and gross profit are recognized each period based on the percentage of work completed or costs incurred.
