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Construction Contract for Home - Fixed Fee or Cost Plus

Cost Plus Fee Construction Contract In Maryland

Q: What is required for a MHIC contract in Maryland?

A home improvement contract must contain the contractor&#039;s name, address, telephone number, and MHIC license number. If a salesperson solicited or sold the home improvement, then the contract must also contain the name and license number of each salesperson.

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Cost Plus Fee Construction Contract in Maryland is a legal document that outlines the agreement between a Contractor and an Owner regarding the construction of a project. It stipulates that the Owner will pay the Contractor for the actual cost of materials plus an additional fee for services rendered. The scope of work, work site details, and permit responsibilities are clearly defined. It allows for modifications to the work scope through written change orders, with any additional costs associated to be borne by the Owner. The contract includes clauses on payment timelines and late fees, as well as warranties on workmanship and materials. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants in managing construction agreements effectively while ensuring legal compliance in the state of Maryland. It simplifies the contract process by providing clear instructions for filling out key sections and establishes expectations for both parties involved, ensuring transparency throughout the construction process.

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FAQ

A home improvement contract must contain the contractor's name, address, telephone number, and MHIC license number. If a salesperson solicited or sold the home improvement, then the contract must also contain the name and license number of each salesperson.

The terms of the contract must be agreed upon mutually. An offer is made, understood by both parties, and accepted. Both parties must agree to the same thing. This is sometimes referred to as “a meeting of the minds.”

Obtaining the License Attend licensing workshop (optional). Pass examination administered by PSI Examination prior to applying for license. Register trade name with Assessments and Taxation (410) 767-1330. Demonstrate financial solvency. Provide credit report. Provide certificate of liability insurance.

Home improvement contractors must be licensed with the Maryland Home Improvement Commission (MHIC). However, it is common for people to take shortcuts or completely avoid this law. The penalties for doing so can be severe, especially if you want to stay in the contracting business in Maryland.

Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.