Cost Plus - Residential

For example, a $20,000.00 fee for a 20 weeks construction period becomes $24,000.00 if the period is increased to 24 weeks.

(b) Builder : when to make claims

The agreed date for the first claim under this schedule and Clause 17 is

________/________/________ and thereafter every calendar fortnight / _________ days.

(c) Owner : when to pay claims

The Owner must pay each claim submitted by the Builder to the Builder (or other persons or entities nominated by the Builder ) within __________ days of the Builder submitting the claim. If no period is stated then under Clause 17(e) , five (5) days will apply. The Parties must choose a specific date, period or number of days as appropriate. Delete the irrelevant details. PART C – The Goods and Services Tax (GST) (a) The amount payable by the Owner for work, goods or services will include an amount to reflect the proper consequences of the GST on the work. The Builder is to accurately and correctly identify the effect of the GST on the cost of the works and its fee. Refer to Clause 18. (b) Unless otherwise stated, all amounts or fees detailed in the contract Schedules will be exclusive of GST . In determining the costs payable under Schedule 1 Part A – all costs will be totalled exclusive of any GST as will the fee payable to the Builder (lump sum or percentage) under Schedule 1, Part B . The GST will be applied to the total of these amounts. PART D – Budget Report to be Provided Pursuant to Clause 1(e) and (f) of the Contract the Builder is to provide a budget report. The budget report should be provided on the: Note: this is to make the parties to the contract aware of the impact that: (i) the work done; (ii) choices made; and (iii) things discovered or addressed during the construction works have on the amount to be paid by the Owner . See also Clause 2A which requires the parties to meet when a conflict between the cost of the work (being the work done plus the work still to be done) and the capacity to pay arises or becomes apparent. AMPLE (i) _________ day of the calendar month; or (ii) when requested by the Owner but not more then once per fortnight / month. Please refer to Clause 1(e) and (f) of the contract.

RESIDENTIAL BUILDING CONTRACT COST PLUS - MARCH 2015 - NEW SOUTH WALES 7