Cost Plus Contract In Construction In Minnesota

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

Description

The Cost Plus Contract in construction in Minnesota is a comprehensive agreement between the Contractor and Owner for a construction project. It outlines the scope of work, permits required, insurance obligations, and payment structure specifically under a cost-plus fee arrangement. This means the Owner agrees to pay for the actual costs incurred by the Contractor plus an additional agreed-upon fee for their services. Key features include the need for written change orders for any modifications to the project and a late payment clause imposing a 1% fee on overdue payments. The form also covers important aspects like contractor liability, soil conditions, and warranties on workmanship. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for managing construction projects while ensuring compliance with legal standards. It serves as a reliable tool for negotiating terms and protecting the interests of all parties involved.