Cost Plus Fee Construction Contract In Washington
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Description
The Cost Plus Fee Construction Contract in Washington is a formal agreement between a Contractor and an Owner that outlines the terms for construction services. Key features include a detailed scope of work, which specifies the labor and materials required for the project. The contract mandates the Contractor to secure necessary permits, manage insurance liabilities, and clarify site and soil condition responsibilities. It allows for changes in the project scope through written Change Orders, with adjustments reflecting any resulting cost variations. Payment terms include the Contractor being compensated for the actual costs of materials plus an agreed-upon fee. The contract imposes penalties for late payments and includes warranty provisions that limit the Contractor's liability to one year for workmanship defects. This form is particularly useful for attorneys, partners, and associates involved in real estate and construction law, as well as paralegals and legal assistants assisting clients in drafting or reviewing construction agreements.
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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.
