Home Fee Cost Plus Contract With Guaranteed Maximum In Bexar
Category:
State:
Multi-State
County:
Bexar
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Home Fee Cost Plus Contract with Guaranteed Maximum in Bexar is a legal document designed for construction agreements between contractors and property owners. This contract outlines the scope of work, detailing the labor and materials required to complete the construction project as specified by the owner. It emphasizes the contractor's obligation to obtain necessary permits and insurance, while clarifying that any extra site work due to soil conditions will be the owner's responsibility. Notably, this contract includes provisions for changes in the scope of work, which must be documented through written change orders. The fee structure allows for either a cost-plus model, where the owner pays actual costs plus a specified fee, or a fixed fee arrangement. It also stipulates late payment penalties and warranty terms limited to workmanship defects. This document serves as a vital tool for various professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, helping them navigate construction contracts and ensuring compliance with legal standards.
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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.
Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.
