Cost Plus Building Contract Template

Cost of the work and builders fee. Pre construction estimates for construction costs and coordination are approximately written dollars 00000000 closing costs shall be paid by the owner. Contract period the building works must reach the stage of practical completion no more than weeks after the contract period commenced under clause 8 as extended under clause 9.

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A cost plus fixed rate contract sets predetermined labor rates based on the contractors history and labor costs.

Cost plus building contract template. The risk of out of control cost overruns is too great. If there is no contract period then the builder must complete the building works within a. Those agreements should be kept to a maximum of 2500. A cost plus contract also known as a cost reimbursement contract is a form of contract wherein the contractor is paid for all of their construction related expenses.

Cost plus contract v 1 owner waives any claims as against the contractor for damages to the project caused by soil conditions that were not disclosed by or represented on any soil test delivered to the contractor under this paragraph or that were not disclosed as the result of the owners failure to obtain a soil test for the property. Cost plus contracts are a good choice for smaller remodeling projects where there are a lot of unknowns. The contract price shall be the contractors fee as defined in article 14 plus the cost of the work as defined in article 14 subject to any guaranteed maximum price gmp established in article 14 and any adjustment made in accordance with the contract documents. An exception would be using time and material billing for service work such as electrical plumbing or hvac service calls.

There is no universal definition of cost plus or time material contracts or billing. The cost of the work shall mean all costs incurred by the builder in the performance and supervision of the work. The owner and the contractor acknowledge that the owner will pay a sum of written dollars 00000000 upon signing of this contract and before construction begins as. Personally i would avoid a cost plus contract on a new house or large remodeling job unless the contract has a guaranteed maximum price.

Cost plus construction contract owner builder 6 10. The enclosed document is a cost plus fee contract the contractor under the agreement receives compensation equal to his or her expenses plus a bonus fee when the agreed on work is. The fee can be a gratitude or penalty fee. A cost plus award fee provides for award fees predetermined set forth in contract documents.

Plus the contractor is paid a specific agreed upon amount for profit. The builders fee is a sum equal to percent of the cost of the work or choose one.