North Carolina Basic Contract for Construction of a Building

• Category: Construction - Contractors
• State: Multi-State
• Control #: US-13353BG
• Format: Word; Rich Text

Description

This form is a sample of a basic contract for construction of a building between a contractor and the owner of a building. The North Carolina Basic Contract for Construction of a Building is a legal document that outlines the terms and conditions agreed upon between a property owner or developer (referred to as the "Owner") and a contractor (referred to as the "Contractor") for the construction of a building. This contract ensures clarity and protection for both parties involved in the construction project. Keywords: North Carolina, basic contract, construction, building, legal document, terms and conditions, property owner, developer, contractor, construction project, clarity, protection. There are a few different types of North Carolina Basic Contracts for Construction of a Building that may be utilized depending on the specific needs and circumstances of the project. These variations include: 1. Lump Sum Contract: Under this type of contract, the Contractor agrees to complete the construction project for a fixed price. The Owner pays the agreed amount regardless of any cost overruns or unexpected expenses encountered by the Contractor during the construction process. 2. Cost Plus Contract: In this contract, the Contractor is reimbursed for the actual costs incurred during the construction project, along with an additional fee or percentage as agreed upon. The fee may be a fixed sum or calculated based on a percentage of the total project cost. 3. Unit Price Contract: This type of contract involves the pricing of individual components or units of the construction project. The Contractor provides a price per unit, which is then multiplied by the quantity required. This contract is especially suitable when the project involves repetitive elements, such as multiple identical housing units. 4. Design-Build Contract: In a design-build contract, the Contractor is responsible for both the design and construction of the building. This type of contract offers the potential for more efficient communication and faster project completion as the design and construction phases overlap. 5. Stipulated Sum Contract: Also known as a fixed-price contract, a stipulated sum contract is similar to a lump sum contract. The difference lies in the detailed breakdown of the fixed price, also called a "Schedule of Values," which specifies the cost allocation for various building components or project stages. 6. Cost Sharing Contract: This type of contract is often used for joint ventures or collaborative projects where multiple entities or parties share the construction costs based on predetermined percentages or ratios. It is essential for both parties involved to carefully review and understand the specific type of North Carolina Basic Contract for Construction of a Building being used, as each has its own unique provisions and implications. It is advisable to seek legal counsel to ensure compliance with state laws and industry best practices.

The North Carolina Basic Contract for Construction of a Building is a legal document that outlines the terms and conditions agreed upon between a property owner or developer (referred to as the "Owner") and a contractor (referred to as the "Contractor") for the construction of a building. This contract ensures clarity and protection for both parties involved in the construction project. Keywords: North Carolina, basic contract, construction, building, legal document, terms and conditions, property owner, developer, contractor, construction project, clarity, protection. There are a few different types of North Carolina Basic Contracts for Construction of a Building that may be utilized depending on the specific needs and circumstances of the project. These variations include: 1. Lump Sum Contract: Under this type of contract, the Contractor agrees to complete the construction project for a fixed price. The Owner pays the agreed amount regardless of any cost overruns or unexpected expenses encountered by the Contractor during the construction process. 2. Cost Plus Contract: In this contract, the Contractor is reimbursed for the actual costs incurred during the construction project, along with an additional fee or percentage as agreed upon. The fee may be a fixed sum or calculated based on a percentage of the total project cost. 3. Unit Price Contract: This type of contract involves the pricing of individual components or units of the construction project. The Contractor provides a price per unit, which is then multiplied by the quantity required. This contract is especially suitable when the project involves repetitive elements, such as multiple identical housing units. 4. Design-Build Contract: In a design-build contract, the Contractor is responsible for both the design and construction of the building. This type of contract offers the potential for more efficient communication and faster project completion as the design and construction phases overlap. 5. Stipulated Sum Contract: Also known as a fixed-price contract, a stipulated sum contract is similar to a lump sum contract. The difference lies in the detailed breakdown of the fixed price, also called a "Schedule of Values," which specifies the cost allocation for various building components or project stages. 6. Cost Sharing Contract: This type of contract is often used for joint ventures or collaborative projects where multiple entities or parties share the construction costs based on predetermined percentages or ratios. It is essential for both parties involved to carefully review and understand the specific type of North Carolina Basic Contract for Construction of a Building being used, as each has its own unique provisions and implications. It is advisable to seek legal counsel to ensure compliance with state laws and industry best practices.