Construction Cost Contract Plus With Gmp In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus With GMP in Bronx is a legal agreement between a contractor and an owner for the construction of a designated project. This contract outlines the scope of work, including required labor and materials, and specifies the project site. It details the responsibilities of obtaining necessary permits and addresses soil condition liabilities. The contractor is required to maintain insurance, and both parties must agree in writing to any changes in the scope of work through a change order, with additional costs covered by the owner. Additionally, the contract includes payment terms, outlining either a cost-plus arrangement or a fixed fee for services, along with penalties for late payment. The warranty section limits the contractor's responsibility for workmanship defects to one year while assigning material warranties to the owner. This form is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured framework for contractual obligations and liabilities, thereby facilitating clear communication and accountability in construction projects.
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FAQ
How To Write A Construction Contract With 7 Steps Step 1: Define the Parties Involved. Step 2: Outline the Scope of Work. Step 3: Establish the Timeline. Step 4: Determine the Payment Terms. Step 5: Include Necessary Legal Clauses. Step 6: Address Change Orders and Modifications. Step 7: Sign and Execute the Contract.
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.
