"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Montana Construction Loan Agreements and Variations
Category:
State:
Multi-State
Control #:
US-CLA198
Format:
Word;
PDF;
Rich Text
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How to fill out Construction Loan Agreements And Variations?
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Here are five of the most important terms that should be a part of every construction contract. Scope of Work. Clients need to be clear about what a company is going to do for them. ... Payment Obligations. ... Insurance Information. ... Parties to the Agreement and Notice. ... Authority to Make Decisions.
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.
Lump sum contracts 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.
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.
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 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.