Construction Contract Cost Plus With Gmp In Allegheny
Category:
State:
Multi-State
County:
Allegheny
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with GMP in Allegheny outlines the terms between a Contractor and Owner for a construction project. It details the scope of work, which includes providing labor and materials for the project as per specified plans and locations. The contract specifies the work site, insurance responsibilities, and conditions regarding soil at the site, indicating the Owner is responsible for additional site work due to soil conditions. A key feature is the ability for the Owner to request changes via written 'Change Orders,' with the understanding that such changes may increase the project cost. This contract employs a cost-plus compensation model, ensuring the Owner pays the actual costs plus a set fee for services. It also includes late payment provisions and a limited warranty on workmanship for one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate or construction law, as it provides a clear structure for managing construction agreements and understanding liability and insurance coverage.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
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.
