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Video Guide on Maine Construction Contracts management

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Commonly Asked Questions about Maine Construction Contracts

Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.
3 Types of Construction Contracts: Their Pros and Cons for Owners and Contractors Fixed Price. The most common type of contract is the fixed price contract, also known as the lump sum or stipulated sum contract. Cost-Plus Fee. Unit Price.
Here are the basics of the law: Contractors cant ask for more than 1/3 of the full project price upfront as a deposit or down payment. Any changes to the original contract must also be in writing. You can find a sample contract and more about the law HERE.
Lump sum contracts (also sometimes known as fixed price contracts) are usually considered the most popular type of contract when it comes to building and engineering agreements, however they do have minor differences.
Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.
Maine is one of just 15 states that does not require general contractors to be licensed.
The main contract is generally that which is awarded by the client (sometimes referred to as the employer) to the general contractor, or main contractor, whose tender has been accepted.
Top Five Most Common Business Contracts Bill of Sale. A Bill of Sale is an agreement between two entities that states who owns a piece of personal property, what is it, when it was sold, how much it worths and who sold it. Employment Agreement. Licensing Contract. Nondisclosure Agreement. Promissory Note.