US Legal Forms
Spec Forms
Guam
Home Improvement or Remodeling Construction Contract - Cost Plus...

Guam Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-02023BG

Format:

Instant download

Description

A cost-plus contract is one in which the purchaser agrees to pay the cost of all labor and materials plus an amount for contractor overhead and profit (usually as a percentage of the labor and material cost). This type of contract is often used when the scope of the work is undermined or highly uncertain and the kinds of labor, material and equipment needed are also uncertain. It is important that the contractor maintain complete records of all time and materials spent by the contractor on the work.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

Guam Home Improvement or Remodeling Construction Contract

Guam General Construction Agreement between Property Owner and Contractor

Guam Basic Contract for Construction of a Building

Guam New Construction Contract

Guam Contract for Building - Construction or Repair

Notice of Entry - Orders/Judgment

Hold Harmless Agreement for Dogs

NON-STATUTORY AGGRAVATING FACTORS

Non-Compete Agreement

New Case Investigation Checklist

Arbitration Clauses: Contract for Real Pro...

How to fill out Home Improvement Or Remodeling Construction Contract - Cost Plus Basis Of Payment?

Have you ever found yourself in a situation where you need documents for both business or personal reasons almost every time.

There is a wide range of legal document templates available online, but finding ones you can trust isn’t easy.

US Legal Forms offers numerous form templates, such as the Guam Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment, which are designed to comply with state and federal regulations.

Choose the pricing plan you want, complete the required information to create your account, and pay for your order using your PayPal or credit card.

Select a convenient file format and download your copy.

If you are already familiar with the US Legal Forms website and have your account, simply Log In.
Then, you can download the Guam Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment template.
If you do not have an account and wish to start using US Legal Forms, follow these steps.
Obtain the form you need and ensure it is for the correct city/county.
Use the Preview button to review the form.
Read the description to ensure you have selected the correct form.
If the form isn’t what you’re looking for, use the Search field to find the form that meets your needs and requirements.
When you obtain the correct form, click on Get now.

Form popularity

FAQ

price contract provides a solid plan for completion and guaranteed cost before construction begins. In a costplus contract, the homeowner pays for the building cost of materials and labor plus an extra fee for the contractor's profit proportional to construction expenses.

plus fixed fee contract is a specific type of contract wherein the contractor is paid for the normal expenses for a project, plus an additional fixed fee for their services. These allow the contractor to collect a profit on the project, and they encourage economic production in various industries.

Cost Plus Contract AdvantagesHigher quality since the contractor has incentive to use the best labor and materials. Less chance of having the project overbid. Often less expensive than a fixed-price contract since contractors don't need to charge a higher price to cover the risk of a higher materials cost than

Advantages for project ownersThe predictability of lump sum contracts is the primary benefit to project owners. The owner can expect the project to be completed within budget and often more quickly so that the contractor can maximize resources and save on labor costs.

WHY USE A COST-PLUS CONTRACT? A cost-plus contract is an attractive option for a contractor for these two reasons: The contractor cannot produce a proposal for the work because of incomplete information about the project, and therefore transfers the risk of the cost of the project to the owner.

What Is a Cost-Plus Contract? A cost-plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job. The additional fee is intended to be the contractor's profit.

Cost-plus contracts are generally used if the party drawing up the contract has budgetary restrictions or if the overall scope of the work can't be properly estimated in advance. In construction, cost-plus contracts are drawn up so contractors can be reimbursed for almost every expense actually incurred on a project.

Advantages and Disadvantages of Using Cost-Plus ContractsThey eliminate some risk for the contractor. They allow the focus to shift from the overall cost to the quality of work being done. They cover all the expenses related to the project, so there are no surprises.

Components of a Cost-Plus ContractDirect costs include the materials, equipment, supplies, and professional consultants the general contractor used. Overhead costs, also referred to as indirect costs, are business-related expenses that must be incurred to carry out the stipulations of the contract.

When the parties are proactive in the formation and negotiation of the agreement, the cost-plus contract can be a beneficial contract for both parties.

Florida Bylaws of Orient Packaging Holdings, Ltd.

Georgia Bylaws of Orient Packaging Holdings, Ltd.

Hawaii Bylaws of Orient Packaging Holdings, Ltd.

Idaho Bylaws of Orient Packaging Holdings, Ltd.

Illinois Bylaws of Orient Packaging Holdings, Ltd.

Trusted and secure by over 3 million people of the world’s leading companies