Cost Plus Contract In Costing In Michigan
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Description
The Cost Plus Contract in costing in Michigan is a type of construction agreement where the Owner agrees to reimburse the Contractor for the actual costs incurred, plus an additional fee. This form includes detailed sections on the Scope of Work, Work Site, Permits, and Soil Conditions, ensuring clarity on responsibilities. Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants can utilize this form to articulate project specifics and manage financial obligations effectively. It emphasizes the need for written Change Orders for any modifications to the project and the Contractor's fee structure, either as a cost plus or fixed fee. Filling out the form requires entering detailed information about the project and specific costs, making it essential for maintaining transparency and accountability. Additionally, users need to understand the provisions related to insurance, late payments, and warranty, aiding in risk management and compliance. This contract serves as a crucial tool in construction projects, offering a clear framework for collaboration between Owners and Contractors.
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Michigan construction contract requirements Only residential construction contracts are regulated in Michigan. Such contracts must be in writing, include the contractor's license number (if a license is required), and cite the statute that requires the contractor to be licensed for their particular trade.
