Contract Cost Plus Agreement Format In Minnesota

• Category: Construction - Contractors
• State: Multi-State
• Control #: US-00462
• Format: Word; Rich Text

Description

The Contract Cost Plus Agreement format in Minnesota serves as a detailed framework for construction projects between a contractor and an owner. This document outlines the obligations of both parties, including a comprehensive description of the project scope, work site details, and the need for necessary permits. Key features include provisions for changes in the scope of work through written change orders and the stipulation that the owner will incur any additional expenses due to soil conditions. The agreement allows for two payment structures: a cost-plus structure, where the owner pays actual costs plus a fixed fee, or a fixed fee structure. The contract also addresses warranties, late payment penalties, and insurance obligations, ensuring clarity in expectations and responsibilities. This form is instrumental for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in construction law, as it provides a legally binding standard that facilitates fair business practices and risk management in construction projects.