Construction Cost Contract Plus With Guaranteed Maximum Price In Minnesota
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Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Minnesota is a legally binding document between a contractor and an owner for a construction project. Key features include defining the scope of work, outlining the work site, addressing required permits, clarifying soil conditions, and specifying insurance obligations. The contract includes provisions for changes in scope and establishes payment terms based on a cost-plus or fixed-fee model. It also details the consequences of late payments and offers a warranty period for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a clear framework for project management and liability, ensuring compliance with local regulations and protecting all parties involved. Users can fill in specific details related to their project, facilitating a structured agreement that minimizes disputes and enhances clarity.
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FAQ
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
