About to embark on a design and build house. Time and materials. I know nothing about keeping control of the purse without looking like a penny pinching miser. Can you guide me?
Your question is too broad to provide a specific answer but there are a variety of form Design Build Construction Contracts where the Contractor is paid for the cost of the work plus a fee.
Three of the most popular are from the Architect's Institute of America (AIA), ConsensusDocs, and Design-Build Institute of America (DBIA). All of these contemplate that the contractor will provide a schedule of values to the owner at the beginning of the project that separately identifies each area of work. As work is performed the contractor submits pay applications showing the percentages complete for each area of work on the schedule of values. The schedule of values allows the project owner to evaluate whether the project is staying on budget. It also allows the contractor to anticipate the amount of work that still needs to be completed. Typically, an independent third party hired by the owner will review the project and the schedule of values submitted with every pay application to evaluate whether the amounts the contractor is seeking to be paid accurately reflect the percentage of the work that has been completed.
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