A Cost Plus Construction Agreement is typically used in Australia when traditional lump sum pricing is impractical due to project complexity, uncertainty in scope, or need for works to commence before full documentation is available. This agreement type is particularly valuable for projects requiring high transparency in costs or where significant variations are anticipated. The document establishes the mechanism for determining actual costs, defines the contractor's margin, and sets out detailed procedures for cost verification, progress claims, and variations. It includes provisions required by Australian construction law, including security of payment legislation, work health and safety requirements, and insurance obligations. The agreement is commonly used in complex commercial, industrial, or infrastructure projects where flexibility and collaboration between the principal and contractor are essential for project success.
Cost Plus Construction Agreement Template for Australia
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Key Requirements PROMPT example:
Cost Plus Construction Agreement
"I need a Cost Plus Construction Agreement for a complex hospital renovation project in Queensland, Australia, with work starting in March 2025, including specific provisions for working in an operational healthcare environment and managing medical equipment installations."
1. Parties: Identification of the Principal and Contractor, including full legal names and ABN
2. Background: Context of the agreement, project overview, and basic understanding between parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Contract Sum and Pricing Structure: Definition of cost-plus mechanism, contractor's margin, and what constitutes 'cost'
5. Scope of Works: Detailed description of the works to be performed
6. Contractor's Obligations: Key responsibilities and obligations of the contractor
7. Principal's Obligations: Key responsibilities and obligations of the principal
8. Time for Completion: Project timeline, stages, and completion requirements
9. Extensions of Time: Process for claiming and granting extensions of time
10. Payment Terms: Payment process, timing, and documentation requirements
11. Variations: Process for requesting, pricing, and approving variations
12. Quality and Defects: Quality standards, inspection rights, and defect rectification process
13. Insurance and Indemnities: Required insurances and indemnification obligations
14. Default and Termination: Events of default, termination rights, and consequences
15. Dispute Resolution: Process for resolving disputes between parties
16. General Provisions: Standard boilerplate clauses including notices, governing law, etc.
1. Security: Include when bank guarantees or other forms of security are required
2. Provisional Sums: Include when certain work elements cannot be accurately priced upfront
3. Early Works: Include when work needs to commence before full documentation is complete
4. Building Information Modeling: Include when BIM is being used on the project
5. Environmental Requirements: Include for projects with specific environmental obligations
6. Aboriginal Heritage: Include when working on or near Aboriginal heritage sites
7. Acceleration: Include when project acceleration might be required
8. Commissioning and Testing: Include for projects requiring specific commissioning processes
9. Intellectual Property: Include when custom designs or innovative methods are involved
10. Community Engagement: Include for projects requiring community consultation
1. Schedule 1 - Contract Particulars: Key project details, contacts, and commercial terms
2. Schedule 2 - Scope of Works: Detailed specification of works including drawings and technical requirements
3. Schedule 3 - Program: Detailed construction program and milestone dates
4. Schedule 4 - Cost Schedule: Breakdown of costs, margins, and rates for labor and materials
5. Schedule 5 - Site Requirements: Site-specific requirements and conditions
6. Schedule 6 - Forms: Standard forms for variations, claims, and certificates
7. Schedule 7 - Quality Management Plan: Quality assurance requirements and processes
8. Schedule 8 - WHS Management Plan: Work health and safety requirements and procedures
9. Appendix A - Drawings: Full set of construction drawings
10. Appendix B - Specifications: Technical specifications for materials and workmanship
Authors
Relevant legal definitions
Clauses
Relevant Industries
Commercial Construction
Industrial Construction
Infrastructure
Mining
Healthcare Facilities
Education Facilities
Government Projects
Residential Development
Hospitality
Retail Development
Energy and Resources
Transport
Relevant Teams
Legal
Construction
Commercial
Procurement
Finance
Operations
Risk Management
Project Management
Contract Administration
Quality Assurance
Relevant Roles
Construction Manager
Project Director
Commercial Manager
Contract Administrator
Quantity Surveyor
Project Manager
Site Manager
Legal Counsel
Risk Manager
Procurement Manager
Cost Controller
Claims Manager
Finance Director
Operations Manager
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