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.
Visalia California Construction Home Improvement Contract Cost Plus or Fixed Fee
Category:
State:
California
City:
Visalia
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
In California, a valid contract requires an offer, acceptance, consideration, and the capacity of both parties to contract. Furthermore, the agreement must be for a legal purpose and not violate any laws or public policy. It is crucial that the contract is in writing for all construction agreements exceeding $500, particularly in the context of Visalia California Construction Home Improvement Contracts. Utilizing USLegalForms can help ensure that your contract meets all necessary legal requirements.
A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.
Cost-plus contracts are generally used if the party drawing up the contract has budgetary restrictions or if the overall scope of the work can't be properly estimated in advance. In construction, cost-plus contracts are drawn up so contractors can be reimbursed for almost every expense actually incurred on a project.
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.
Budget: A fixed-price contract is just that: fixed. The agreed-on price at the beginning of the project is the price at the end. Conversely, a cost-plus contract estimates a project's costs but doesn't set the final price until the project is completed.
Disadvantages of cost-plus fixed-fee contracts may include: The final, overall cost may not be very clear at the beginning of negotiations. May require additional administration or oversight of the project to ensure that the contractor is factoring in the various cost factors.
Elements of a Construction Contract Name of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.
Cost Plus Contract Advantages Higher quality since the contractor has incentive to use the best labor and materials. Less chance of having the project overbid. Often less expensive than a fixed-price contract since contractors don't need to charge a higher price to cover the risk of a higher materials cost than
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.
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.
