Residential Construction Legal Forms

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Commonly Asked Questions about Residential Construction Legal Forms

What are contract documents in construction?

Construction Contract Documents are the written documents that define the roles, responsibilities, and Work under the construction Contract, and are legally-binding on the parties (Owner and Contractor).

Which documents are the most important for the construction process and why?

These are some of the most common and important construction documents for building projects of all kinds. 1: Construction Agreement. 2: General Conditions. 3: Special Conditions. 4: Scope of Work (SOW) 5: Drawings. 7: Bill of Quantities. 9: Schedule of Values. 10: Cost Estimate.

What are the 3 elements of a construction contract?

These five essential elements of a construction contract can result in major vulnerabilities if overlooked: Full Name, Address, and Signatures of Both Parties. Scope of Work. Project Cost and Payment Terms. Schedule of Work. Authority.

What are the three main contract types used in construction?

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.

What are the requirements for a residential construction contract in Michigan?

Michigan construction contract requirements Only residential construction contracts are regulated in Michigan. Such contracts must be in writing, include the contractors license number (if a license is required), and cite the statute that requires the contractor to be licensed for their particular trade.

What are the three basic types of documents used in construction contracts?

Some common kinds of construction documents include: Bidding documents. Architectural drawings. Schedules.

What are the four types of 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.