Construction Cost Plus With Cost-plus Pricing In Washington
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Description
The Construction Contract form outlines the agreement between a contractor and an owner regarding a construction project, specifically addressing the construction cost plus with cost-plus pricing in Washington. Key features of the form include detailed sections on the scope of work, work site, permits, soil conditions, insurance requirements, survey and title provisions, changes to the scope of work, and payment terms. The cost-plus pricing model allows the owner to pay the actual costs of materials plus an additional fee for the contractor's services, fostering transparency in pricing. Filling and editing instructions emphasize the need for clear and accurate completion of project-specific details, such as project descriptions and payment schedules. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a structured format that ensures legal requirements are met while allowing flexibility to accommodate changes in project scope. Users are guided to ensure all necessary permits and insurance are in place, making the process smoother and protecting against potential liabilities. Additionally, the contract includes terms for late payments and warranty provisions, further safeguarding the interests of both parties.
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FAQ
Contractor expenses, often referred to as Overhead and Profit (O&P) is intended to cover the general contractor's overhead and operating costs, as well as profit. It is typically estimated at 20% of the total amount of the contractor's own rebuild or renovation estimate.
