Construction Contract Cost Plus With Guaranteed Maximum Price In Arizona
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Description
The Construction Contract (cost plus with guaranteed maximum price) is a formal agreement tailored for construction projects in Arizona. It specifies the roles of the Contractor and Owner, detailing the scope of work, work site, and responsibilities of each party. A key feature of this contract is the cost plus structure where the Owner pays for actual materials costs plus a predetermined sum for services, providing transparency and flexibility in financial management. This contract also outlines procedures for obtaining permits, handling soil conditions, and ensuring necessary insurance coverage. Importantly, it includes provisions for changes to the scope of work through written Change Orders, allowing the Owner to adapt project specifications as needed. Additionally, the contract stipulates consequences for late payments and sets a warranty period for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it guides them in establishing clear expectations and responsibilities between parties. It also serves as a reference to mitigate potential disputes arising from construction processes.
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FAQ
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.
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.
