Cost Plus Construction Contract With Guaranteed Maximum Price In Arizona
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The Cost Plus Construction Contract with Guaranteed Maximum Price in Arizona is a legal document that outlines the terms between a Contractor and an Owner for residential construction projects. This contract allows the Owner to pay for the actual costs of materials, plus a predetermined fee, while establishing a maximum price limit to control overall project expenses. Key features include a detailed scope of work, insurance requirements, and provisions for changes in the project scope via written Change Orders. It is crucial for the Contractor to obtain necessary permits and conduct thorough site evaluations, as they are not responsible for soil conditions. This form also stipulates payment terms, including late charges for overdue payments, and provides warranties limited to workmanship defects within one year. The target audience, including attorneys, partners, owners, associates, paralegals, and legal assistants, will find this form useful for formalizing agreements in construction projects and ensuring compliance with Arizona laws, ultimately providing clarity and protection for all parties involved.
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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.
In short, a construction risk manager "identifies risks and comes up with methods for avoiding them," write the career experts at Indeed. "They consider the financial, legal, environmental and reputational risks that the organization and employees may face."
