This form is a Construction Contract that may be executed with either a cost plus or fixed fee payment arrangement. The form contains the following additional subject matters and complies with the laws of the State of California: scope of work, work site, warranty and insurance.
Orange California Construction Home Improvement Contract Cost Plus or Fixed Fee
Category:
State:
California
County:
Orange
Control #:
CA-00462
Format:
Word;
Rich Text
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How to fill out California Construction Home Improvement Contract Cost Plus Or Fixed Fee?
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FAQ
The contract should describe, in detail, the products to be used and how the work will be performed, i.e., size, color, who will be doing what work, amounts of materials provided, manufacturer model number, etc. There must be a detailed, written payment schedule in the contract.
5 Key Elements Every Construction Contract Should Contain 1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
A contract should contain everything agreed upon by you and your licensed contractor. It should detail the work, price, when payments will be made, who gets the necessary building permits, and when the job will be finished. The contract also must identify the contractor, and give their address and license number.
Here are six practice tips that can help an owner protect themselves from the risk posed by a Cost-Plus contract: 1) Demand Quantity Guarantees.2) Limit Increases in the Contractor's Fee.3) Eliminate Budgetary Fluff.4) Carefully Select the Project Team.5) Demand Transparency.6) Reduced Risk means a Reduced Fee.
Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.
Cost plus percentage contract means that as the project costs increase, the fee also increases. This is not typically used because the contractor has no incentive to control costs. In fact, federal government agencies are prohibited from using this type of contract.
price contract is a contract where the agreedupon price for the job is unchanged throughout the project. It doesn't matter if more time, materials or labor must be used than first estimated, the price stays the same. It's one of the more straightforward construction contracts.
For these reason I recommend avoiding cost-plus contracts in most cases. They simply carry too many risks for the owner and few benefits. They often lead to cost overruns and disputes over money. It's better to nail down as many costs as possible before starting the job and get a fixed bid.
plusfixedfee contract is a costreimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract.
8 Things Every Remodeling Contract Should Have Scope of Work, Selection Sheet and Drawings.License Number and Insurance.Description of Change Orders.Warranty information.Subcontractor Agreements.Payment schedule.Completion Schedule / Timeline.Clauses Required by Law.
