Home Fee Cost Plus Contract With Gmp In Michigan
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Description
The Home Fee Cost Plus Contract with GMP in Michigan is a legal document designed for construction agreements between a contractor and an owner. This contract outlines the scope of work, including specific plans and specifications for constructing a residence, and details the responsibilities of both parties regarding permits, insurance, and soil conditions. A significant feature is the contractor’s fee structure, allowing for either a cost-plus agreement—where the owner pays for actual material costs plus a fixed service fee—or a fixed fee arrangement. The contract includes provisions for changes to the scope of work, requiring written change orders, and establishes penalties for late payments. It's crucial for contractors to maintain updated insurance coverages and for owners to provide necessary documentation such as a boundary survey and title opinion before construction. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants within the construction and real estate sectors, ensuring clarity and legal compliance during construction projects.
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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.
