Construction Contract Cost Plus With Guaranteed Maximum Price In Wake

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

Description

The Construction Contract Cost Plus with Guaranteed Maximum Price in Wake is a legal document between a Contractor and an Owner outlining the terms for the construction of a residence. This form features a detailed scope of work, the work site location, and directions about obtaining necessary permits. Notably, it includes a section on Contractor's fees, allowing for a cost-plus payment structure along with a guaranteed maximum price, providing clarity on financial responsibilities. The form describes provisions for changes in scope, ensuring that any modifications made during construction are documented and accounted for. Specific use cases for this contract include residential construction projects where flexibility in pricing is needed while still protecting the Owner's financial interests. Additionally, it emphasizes the Contractor's responsibility for insurance and soil conditions, further defining liability and reducing risk for the Owner. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, ensuring that all parties clearly understand their rights and obligations throughout the process.