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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Cost Contract Plus Withdrawal In Michigan

Q: What is the construction retention law in Michigan?

Michigan&#039;s retainage limits and deadlines The amount that can be withheld is capped at no more than 10% of each progress payment. However, once the project reaches 50% completion, no more retainage can be withheld; unless the entity deems that satisfactory progress isn&#039;t being achieved.

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Construction Cost Contract Plus Withdrawal in Michigan is a legal document that outlines the agreement between a Contractor and an Owner for the construction of a residence. It details the scope of work, work site location, permits needed, and soil conditions, clearly stating the responsibilities of each party. A key feature of this contract includes the option for either a cost-plus or fixed fee payment structure. The contract also addresses changes to the scope of work, stipulating that any changes must be documented through a written 'Change Order.' Important provisions include insurance requirements and warranties for workmanship, limiting Contractor liability for defects beyond one year. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it ensures clarity in contractual obligations and protects the interests of both the Contractor and Owner. Properly filling out this contract requires attention to specific project details, and it can be edited to reflect the unique aspects of any construction project.

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FAQ

In Michigan, the statute of limitations for a breach of contract action is 6 years. An action against an architect, engineer, or contractor must be brought within 6 years after occupancy, use, or acceptance of an improvement project.

Give adequate notice of at least two weeks, or up to 30 days, when possible (ensuring you follow any notice provisions in your professional services agreement). Gently remind the contractor of any agreement terms regarding intellectual property and works made for hire.

I trust this message finds you well. We are writing to inform you that, effective Last Date of Contract, your services will no longer be required by Your Company Name. Our collaboration with you has been valued, but due to Reasons for Termination, we have made the decision to conclude our working relationship.

Create your statement of intent for contract cancellation. It's best to be as specific as possible, citing particular reasons or pertinent dates as appropriate. End with an end date. Explicitly state the date that you intend to halt the contract.

Michigan's retainage limits and deadlines The amount that can be withheld is capped at no more than 10% of each progress payment. However, once the project reaches 50% completion, no more retainage can be withheld; unless the entity deems that satisfactory progress isn't being achieved.

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.