Cost Plus Contract Template

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. Cost of the work and builders fee. Based on discussions with attorneys and our work as an arbitrator cost plus or time material jobs generate lawsuits at a rate of 2 or 3 to 1 and arbitrations at 9 to 1 over fixed figure contracts.

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The numbers below eg section 1 section 2 etc correspond to the provisions in the agreement.

Cost plus contract template. General contractor agreement cost plus fee instructions the following provision by provision instructions will help you understand the terms of your agreement. Cost plus or time material contracts are an easy way out of doing detailed project study and estimating. Cost plus construction contract owner builder 6 10. Standard form prime contract between owner and contractor cost plus fee with an option for a guaranteed maximum price this agreement the contract is entered into this day of 20 between owner name and address of owner and.

Sample cost plus contract as requested here is a sample cost plus contract for example purposes only. Cost plus building construction agreement this costplus building construction agreement is made this day of. Cost plus contract v 1 252 if the contractor does not receive remittance of the entire invoice amount for any invoice delivered to the owner within three 3 days of the date of such delivery the contractor shall have the right to cease all work and activity on the project. I strongly suggest adding your own terms and conditions tailored to your trade but if not this is atleast legal and binding as is.

The construction contract shall be calculated on a cost plus coordination basis with all labor materials permits and insurance figured as costs. Full and detailed accounts of the contract sum as are reasonably necessary for managing and documenting the contract sum. Construction coordination services shall be a fixed amount of 0000000 payable on a bi weekly basis. The contractor shall keep maintain and preserve at its principal office throughout the term of the agreement and for a period of 4 years after acceptance of the work full and detailed books accounts and records pertaining to the performance of the agreement and the actual cost of construction including without limitation all bills.

If there is no contract period then the builder must complete the building works within a. 324 the cost plus a fee contract although this form of contract appears to be rather easy to comprehend without an agreement on what constitutes reimbursable costs and what constitutes nonreimbursable costs the cost plus a fee contract can generate lots of misunderstandings.