Cost Plus For Construction In Michigan
Instant download
Description
The Cost Plus for Construction in Michigan is a construction contract designed for projects where the contractor is compensated based on the actual costs incurred for materials and labor, plus an additional fee. This form outlines essential details such as the scope of work, project site, obtaining necessary permits, and clarifications on soil conditions. It also specifies insurance requirements and outlines how any changes to the scope of work must be documented through written change orders. The contractor's fee is calculated as the total cost of materials plus a fixed amount agreed upon by both parties. Additionally, the contract addresses late payment penalties and the contractor's warranty for workmanship. This form is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for managing construction agreements, ensuring compliance with local regulations, and protecting both parties' interests in construction projects.
Free preview
Form popularity
FAQ
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.
The percentage of completion method is a revenue recognition accounting concept that evaluates how to realize revenue periodically over a long-term project or contract. Revenue, expenses, and gross profit are recognized each period based on the percentage of work completed or costs incurred.
