Montana Construction Contracts

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Commonly Asked Questions about Montana Construction Contracts

Lump sum contracts Lump sum contracts work especially well for projects with a well-defined scope of work, which enables contractors to make an accurate estimate of the projects cost.
A bilateral contract is a contract that includes two parties who agree to certain terms. This type of contract is common, especially in the workplace.
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.
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 This is the most basic and common type of construction contract. Lump sum contracts work especially well for projects with a well-defined scope of work, which enables contractors to make an accurate estimate of the projects cost.
Per Montanas law on contracts, Title 28, MCA, a contract is a legal agreement to do or not do something. This law guides the formation and execution of contracts, liability and obligations of parties, and limitations of actions arising from disputes.
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.
(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.