Cost Plus Construction Contract With Guaranteed Maximum Price In Hennepin

• Category: Construction - Contractors
• State: Multi-State
• County: Hennepin
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost plus construction contract with guaranteed maximum price in Hennepin is a legal document that outlines the agreement between a Contractor and an Owner for construction services. It details the scope of work, including labor and materials to be provided by the Contractor, as well as the specific work site location. A key feature of this contract is the Cost Plus fee structure, which allows the Contractor to be reimbursed for actual costs incurred plus an additional agreed amount. It includes provisions for obtaining necessary permits, managing soil conditions, maintaining insurance, and defining change orders for modifications to the project. The contract also sets terms for late payments, warranties, and assigns any material warranties back to the Owner. This form is particularly useful for attorneys, partners, and owners who need clear contractual language to safeguard interests and define responsibilities. Paralegals and legal assistants will find it an essential tool for drafting and reviewing agreements, ensuring compliance with local regulations, and facilitating smooth communication among parties involved in construction projects.