Montana Account Stated for Construction Work is a legal concept used in the state of Montana to resolve disputes related to construction projects. It refers to an agreement between a contractor and a client regarding the final amount owed for completed construction work. This concept ensures transparency and fairness in construction projects by establishing a clear understanding of the agreed-upon payment terms between the parties involved. In Montana, there are primarily two types of Account Stated for Construction Work: 1. Final Account Stated: This type of Account Stated is created when both the contractor and client have mutually agreed upon the final amount to be paid for completed construction work. It serves as a binding agreement that outlines the total cost, including labor, materials, and any additional charges or credits. 2. Progress Account Stated: A Progress Account Stated is created when the contractor and client agree upon the amount owed for completed work at specific stages of the construction project. This type of Account Stated is particularly useful for long-term projects, where payment is made in installments based on the completion of predefined milestones or stages. To establish an Account Stated for Construction Work in Montana, the parties involved must accurately document all financial transactions, including invoices, change orders, and any written communication related to the project. The documentation needs to be thorough and transparent to ensure that both parties have a clear understanding of the work performed, any modifications made, and the associated costs. In case of a dispute, the presence of an Account Stated can significantly simplify the resolution process. It allows the parties to refer back to the agreed-upon terms, evaluate any outstanding payment issues, and seek legal remedies if necessary. In summary, Montana Account Stated for Construction Work is a crucial aspect of construction projects in the state. It ensures that both contractors and clients have a clear understanding of the final amount owed for completed work. The two primary types of Account Stated for Construction Work in Montana are Final Account Stated and Progress Account Stated. By maintaining accurate documentation and adhering to the agreed-upon terms, construction projects can proceed smoothly and efficiently in Montana.
Montana Account Stated for Construction Work
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A construction defect happened whenever a completed or partially finished structure fails to perform as required by accepted building standards or applicable construction contracts. ... Construction defects can be categorized into two major categories: obvious and hidden. ... Commonly, however, construction defects are hidden.
Workmanship, Materials and Mechanical Systems are covered for 1 year. Structural Coverage on Designated Structural Elements is provided for 10 years. Pricing based on low flat rates per home. Builder liability in the Montana CSW program is limited to 1 year only.
Montana's laws state that anyone who "constructs, alters, repairs, adds to, subtracts from, improves, moves, wrecks, or demolishes a building, highway, road railroad, excavation, or other structure, project, development, or improvement attached to a piece of real estate" is required to hold a license.
You can also search for state-licensed contractors on the Montana Professional Boards and Licensing portal.
(2) (a) Within 7 days after a contractor receives a periodic or final payment from an owner or a state agency, the contractor shall pay the subcontractor, if any, the full amount due the subcontractor in ance with the subcontract for work performed or materials provided in ance with that subcontract.
For contracts in written form, the statute of limitations is eight years. (Refer to §27-2-202(1).) For oral contracts, the statute of limitations is five years.
Montana has a ten year statute of repose for construction defects. MCA § 27-2-208. However, if the injury occurred in the tenth year, the claim may be brought within one year of the injury occurring.
Construction defects include improperly designed materials, poor workmanship, and failure to follow construction codes. Any deficiency in a building project can be considered a construction defect, including: Defective architectural designs. Lack of planning or supervision.