Contract Cost Plus Agreement With Example In Michigan
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Description
The Contract Cost Plus Agreement with example in Michigan is a legal document outlining the terms under which a contractor provides construction services to an owner. It details the scope of work, including specific plans and specifications agreed upon by both parties. A key feature is the cost plus compensation structure, where the owner pays the contractor for actual material costs plus a specified fee for services. This agreement includes provisions for the contractor to obtain necessary permits, responsibilities regarding soil conditions, and stipulates the insurance required. Specific use cases include adjustments to project scope and payment terms, ensuring clarity in costs incurred beyond the original agreement. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured approach to construction contracts, helping to mitigate disputes and ensure legal compliance. Proper filling instructions emphasize clarity and the need for written change orders to document any modifications to the agreement.
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To write a simple contract, title it clearly, identify all parties and specify terms (services or payments). Include an offer, acceptance, consideration, and intent. Add a signature and date for enforceability. Written contracts reduce disputes and offer better legal security than verbal ones.
Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
