What are builder fees?

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.

US Legal Forms
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Construction Contractor Forms
Multi-State
Construction Contract for Home - Fixed Fee or Cost Plus

Cost Plus In Construction In Washington

Q: What services are not subject to sales tax in Washington state?

Services to individuals and businesses things like haircuts, medical bills, consultant fees, etc. are not personal property, and are most often not subject to sales tax. However, some services are subject to sales tax, as listed in RCW 82.04. 050.

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Cost Plus construction contract in Washington outlines an agreement between a Contractor and an Owner for a residential construction project. Key features of the form include the definition of the scope of work, the delineation of work site responsibilities, and the requirement for obtaining necessary permits. It specifies that the Contractor is responsible for the actual costs of materials plus an additional fee for services, which is clearly indicated in the contract. The form allows for changes to the project scope, with provisions for written change orders and additional costs incurred. Utility for the target audience includes clarity in the financial structure, providing attorneys, partners, and owners with a transparent view of contractor fees. Legal assistants and paralegals can efficiently manage contract modifications and ensure compliance with local regulations. The simple language and structure make it accessible for users with limited legal training while highlighting necessary conditions such as insurance coverage and warranty provisions. Overall, this document serves as a crucial resource for effectively managing construction agreements and ensuring all parties are well-informed.

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FAQ

Services to individuals and businesses – things like haircuts, medical bills, consultant fees, etc. – are not “personal property,” and are most often not subject to sales tax. However, some services are subject to sales tax, as listed in RCW 82.04. 050.

Professional services are generally not taxable in Washington State. However, some services are subject to sales tax. “Constructing and decorating real or personal property for others” is taxable.

Non-itemized charges: Generally, when IT products and services are sold as a non-itemized package, the entire transaction is subject to retail sales or use tax.

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.