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.

What are the 5 essential elements of a contract?

Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.

US Legal Forms
Forms Kit
Construction Contractor Forms
Multi-State
Construction Contract for Home - Fixed Fee or Cost Plus

Construction Contract Cost Plus With Gmp In Queens

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:

Queens

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract Cost Plus with GMP in Queens is a comprehensive agreement between a contractor and an owner for residential construction services. This contract outlines the scope of work, worksite details, required permits, and conditions regarding soil assessment. It stipulates that the contractor shall receive actual costs for materials plus a predetermined fee while ensuring that all changes to the project must be documented via a written change order, which may affect project costs. The contractor is responsible for securing necessary insurance coverage and for procuring a boundary survey and title opinion before construction begins. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it provides a clear framework for contractual obligations and ease of modifications. Its structure promotes clarity, aiding in understanding the financial responsibilities and rights of both parties. Filling out this contract requires attention to essential details such as project specifics, costs, and relevant terms to mitigate potential disputes during or post-construction.

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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.

A legally enforceable contract must include an offer, acceptance, consideration, capacity, legality, and mutual assent.

To be legally enforceable, an agreement must contain all of the following criteria: An offer and acceptance; Certainty of terms; Consideration; An intention to create legal relations; Capacity of the parties; and, Legality of purpose.

Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.