Home Fee Cost Plus Contract With Guaranteed Maximum In Hennepin

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

Description

The Home Fee Cost Plus Contract with Guaranteed Maximum in Hennepin is a construction contract that outlines the agreement between a contractor and an owner regarding the construction project. Key features include a detailed scope of work, the work site location, provisions for obtaining necessary permits, and responsibilities related to soil conditions. The contract also covers insurance requirements, the necessity for surveys and title opinions, and procedures for making changes to the scope of work, which must be documented via written change orders. The cost structure allows for a cost-plus arrangement, where the owner pays the actual cost of materials plus a predetermined fee, or a fixed fee option. Late payment penalties and warranties are also addressed, limiting contractor liability to one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, as it provides a clear framework for responsibilities and expectations, reducing ambiguity and potential disputes.