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.
Miami-Dade Florida Home Improvement or Remodeling Construction Contract — Cost Plus Basis of Payment is a legal agreement that outlines the terms and conditions for a construction project in Miami-Dade County, Florida, where the payment is based on the actual cost of the project plus an agreed-upon fee or percentage. This type of contract is commonly used in home improvement and remodeling projects, where the scope of work or project details may change over time. It provides flexibility for both the homeowner and the contractor to accommodate any modifications or additions during the construction process. In a Miami-Dade Florida Home Improvement or Remodeling Construction Contract — Cost Plus Basis of Payment, the contractor is responsible for providing an itemized breakdown of all project costs, including labor, materials, equipment, and any subcontractors involved. The contract specifies how the agreed-upon fee or percentage is calculated and provides a clear understanding of costs and the payment structure. One variation of this type of contract is the Cost Plus Fixed Fee basis, where the contractor charges the actual cost of the project plus a fixed fee or lump sum. This provides the homeowner with a predictable cost and ensures transparency in pricing. Another variation is the Cost Plus Percentage basis, where the contractor charges the actual cost of the project plus a percentage of the cost as a fee. This type of contract is beneficial when the project scope is uncertain or when the homeowner wants to share the risk of cost changes with the contractor. To protect both parties, a Miami-Dade Florida Home Improvement or Remodeling Construction Contract — Cost Plus Basis of Payment should include essential clauses such as project schedule, completion date, change order procedures, payment terms, dispute resolution, insurance requirements, and any warranties or guarantees provided. Overall, opting for a Miami-Dade Florida Home Improvement or Remodeling Construction Contract — Cost Plus Basis of Payment provides flexibility, transparency, and accountability for both homeowners and contractors in Miami-Dade County, allowing for better management of construction projects and ensuring fair payment practices.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
