What is the maximum contract value?

Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and Minimum Contract Value means 10% of the Maximum Contract Value.

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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Contract Cost Plus With Guaranteed Maximum Price In Fulton

Q: What is the maximum contract value?

Maximum Contract Value means the amount specified in the &quot;Limitation of Expenditure&quot; clause set out in the Contract; and Minimum Contract Value means 10% of the Maximum Contract Value.

Category:

Construction - Contractors

State:

Multi-State

County:

Fulton

Control #:

US-00462

Format:

Instant download

Description

The construction contract for a cost plus with a guaranteed maximum price in Fulton is designed to establish clear parameters between the Contractor and the Owner regarding a construction project. This contract outlines the scope of work, which includes all necessary labor and materials to build the residence as specified by the Owner. It specifies the work site and mandates that the Contractor obtains all required permits, with costs as part of the project expense. The document limits the Contractor's responsibility for soil conditions at the work site, placing that onus on the Owner. Additionally, insurance obligations, changes to the scope of work, and payment structures are laid out distinctly. The payment can either be a cost plus arrangement, where the Owner pays the actual costs plus a specified fee, or a fixed fee. It also includes provisions for late payments and warranties, ensuring the Owner is protected against defects within a designated timeframe. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction, as it clarifies duties and liabilities while also enabling modifications if project specifications change.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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FAQ

Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.

The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.