Cost Plus In Construction In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract for Cost Plus in Construction in Wake serves as a formal agreement between the Contractor and Owner detailing the project specifications, site conditions, and financial arrangements. This contract establishes the scope of work to be performed, which includes a clear description of the residence to be constructed and the location of the work site. Key features include the responsibilities for obtaining permits, managing soil conditions, and ensuring insurance coverage. The form specifically outlines that the Owner will pay the Contractor for the actual cost of materials plus a specified fee, with provisions for late payments and warranty details. Filling instructions emphasize the accurate completion of dates, names, and project descriptions, while editing instructions suggest that any changes in scope must be documented through written change orders. This form is particularly useful for attorneys managing real estate transactions, partners overseeing project operations, owners seeking clarity in contracts, associates coordinating legal details, paralegals assisting with documentation, and legal assistants who support the drafting process. Overall, this contract fosters transparency and protects both parties' interests in construction projects.
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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.
