Cost Plus Construction Contract With Guaranteed Maximum Price In Philadelphia

• Category: Construction - Contractors
• State: Multi-State
• County: Philadelphia
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost Plus Construction Contract with Guaranteed Maximum Price in Philadelphia is designed for construction projects where costs are incurred by the contractor but are capped at a maximum price, protecting the owner from excessive expenses. This contract outlines the scope of work, which includes all necessary labor and materials, and specifies the location of the project. It also addresses the permit acquisition process and clarifies that the contractor is not liable for soil conditions at the work site. The contract requires the contractor to have appropriate insurance coverage and mandates the provision of a boundary survey and title opinion by the owner before construction begins. Owners can modify the project scope through written change orders, with the understanding that such modifications may affect costs. Payment terms detail the contractor's fees, based on either actual costs plus a set amount or a fixed fee. Timely payments are enforced, with penalties for late payments. Warranty provisions limit the contractor's liability to defects within one year of completion. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clear guidelines for managing construction projects while minimizing financial risk and ensuring legal compliance.