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.

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

Construction Contract Cost Plus With Guaranteed Maximum Price In Wayne

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:

Wayne

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract Cost Plus with Guaranteed Maximum Price in Wayne outlines the agreement between a contractor and an owner for residential construction. Key features include a clearly defined scope of work, work site designation, and responsibility for obtaining necessary permits. Importantly, this contract utilizes a cost-plus model, where the owner pays for actual costs incurred by the contractor, plus an additional fee, while ensuring a guaranteed maximum price to protect the owner's budget. The contract emphasizes that any changes to the scope of work must be documented through a written Change Order, with the owner responsible for any additional costs. Filling instructions require precise completion of contractor and owner details, project specifications, and payment terms. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, providing them with a structured agreement that balances the interests of both parties. By clearly delineating responsibilities and costs, the form helps avoid disputes and ensures compliance with local regulations.

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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.