Construction Contract Cost Plus or Fixed Fee - Minnesota 2026

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This document is a construction contract between a Contractor and an Owner, outlining the terms and conditions for the completion of a construction project. It details the scope of work, time of completion, payment structure, responsibilities regarding permits and soil conditions, insurance requirements, change orders, and warranty provisions. The contract emphasizes that any changes must be documented in writing and specifies the legal framework governing the agreement.

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Click ‘Get Form’ to open the Construction Contract in the editor.
Begin by filling in the Contractor and Owner details, including names and addresses, in the designated fields.
In the 'SCOPE OF WORK' section, describe the project specifics, including labor and materials required. Ensure to reference any attached drawings or specifications.
Specify the 'WORK SITE' address where the project will take place. This is crucial for clarity on location.
Set a timeline for completion by entering start and end dates in the 'TIME OF COMPLETION' section.
Choose between 'COST PLUS' or 'FIXED FEE' payment structures and fill in the respective amounts in the 'CONTRACT PRICE' section.
Review all sections for accuracy before saving your changes. Utilize our platform's features to sign and share your completed contract easily.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the new law for contractors in Minnesota?

Effective March 1, 2025, Minnesota workers in the construction industry who provide commercial or residential building construction or improvement services must satisfy a 14-factor test instead of the previous 9-factor test to be considered independent contractors and therefore exempt from various wage and hour

What is the difference between a fixed-price contract and a cost-plus contract?

In cost-plus contracts, contractors receive reimbursement for all allowable costs plus a profit margin, thus the buyer takes on more risk, particularly of cost overruns. Conversely, fixed-price contracts shift the risk to the contractor, as they must complete the project within the agreed-upon sum.

What is the difference between fixed-price and cost price?

Fixed price (FP) agreements have fixed payments based on a milestone payment schedule or the submission of deliverables. Cost reimbursement (CR) agreements are paid as costs are incurred and invoiced, typically monthly or quarterly.

What is a fixed-price contract?

A firm-fixed-price contract provides for a price that is not subject to any adjustment on the basis of the contractors cost experience in performing the contract. This contract type places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss.

What is the difference between a cost-plus and a fixed-price contract?

A cost plus contract guarantees profit for the contractor. It is stated in the contract that the contractor will be reimbursed for all costs and still generate a profit. Conversely, a fixed price contract establishes a projects price beforehand.

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When to use a cost-plus fixed-fee contract?

These contracts are commonly used in research, development, and technical service projects, where precise costs are difficult to estimate in advance.

What is a cost-plus construction contract?

A cost-plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractors overhead and profit. In other words, the name is a short-hand way of remembering what the contract covers: project costs plus contractor markup.