Maine Terms and Conditions of General Construction Contract are legally binding agreements that outline the terms, conditions, and responsibilities of all parties involved in a construction project in the state of Maine, United States. These contracts are crucial for establishing a clear understanding of the project's scope, timelines, payment details, quality standards, and dispute resolution processes. Keywords: Maine, Terms and Conditions, General Construction Contract, legally binding agreements, construction project, scope, timelines, payment details, quality standards, dispute resolution processes. Different types of Maine Terms and Conditions of General Construction Contracts include: 1. Lump Sum Contract: This type of contract states that the contractor will complete the entire construction project for a fixed price, regardless of the actual costs incurred. The terms and conditions will outline the scope of work, milestones, payment schedule, and any modifications or change orders. 2. Cost Plus Contract: In a cost-plus contract, the contractor is reimbursed for the actual costs incurred during the construction project, along with an agreed-upon percentage of profit. The terms and conditions will outline the payment structure, documentation requirements, and cost control procedures to ensure transparency. 3. Unit Price Contract: This contract type specifies a fixed price per unit of work, such as per square foot or per item, for different construction activities. The terms and conditions will outline the quantities, rates, payment terms, and any variability in unit prices due to changes or amendments. 4. Time and Materials Contract: This contract type is based on the actual time spent on the project and the materials used, with an agreed-upon hourly rate and markups for the materials. The terms and conditions will detail the time tracking, material procurement, payment structure, and any limitations on additional expenses. 5. Design-Build Contract: In a design-build contract, a single entity is responsible for both the design and construction aspects of the project. The terms and conditions will establish the collaboration between the design and construction teams, timeline expectations, payment structure, and liability distribution. Regardless of the type of Maine Terms and Conditions of General Construction Contract, it is crucial for all parties involved to carefully review and understand all the provisions before signing. Seeking legal advice during the contract drafting process can help ensure that the terms and conditions are in compliance with Maine construction laws and protect the interests of all parties involved.
Maine Terms and Conditions of General Construction Contract
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The 4 Different Types of Construction ContractsLump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?4 Sept 2020
The standard conditions contract a general contract binding on all contractors engaged in civil work projects. The terms and conditions are commonly applicable to all contractors and are not subject to variation through contractual dealings between the parties.
General conditions costs typically include:jobsite trailer;jobsite utilities;small tool charges;superintendent salaries/costs;safety costs;site administrative costs;project accounting;field computer and BIM services;More items...?
Fixed price construction contracts, also commonly referred to as lump sum or stipulated sum contracts, are the most common types of construction contracts. As its name suggests, under a fixed price contract a contractor agrees to construct a project for a fixed or agreed upon price.
The work to be carried out under the contract shall, except as otherwise provided in these conditions, include all labour, materials, tools, plants, equipment and transport which may be required in preparation of and for and in the full and entire execution and completion of the works.
Contract conditions set out the principal legal relationship between the parties to a construction project, determining the allocation of risk and consequently, price.
General Conditions are commonly known as: The cost to manage the project. General Requirements are commonly known as: The non-management indirect cost of executing the project.
The General Conditions must include: - A definition of the contract documents which lists and gives a brief description of the documents that form the contract. -Document precedence, which clearly states which document will have precedence over the other in case of discrepancy, Figure 8.2.