Construction Cost Contract Plus With Guaranteed Maximum Price In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Bronx establishes a formal agreement between a contractor and an owner for the construction of a specified project. The document outlines the scope of work, which includes labor and materials necessary to complete the construction, referencing specific plans and specifications. It also dictates that the contractor must obtain necessary permits and addresses soil conditions, stating that additional expenses related to site work due to soil issues are the owner's responsibility. Insurance obligations for the contractor are defined, as well as the need for a boundary survey and title opinion before construction begins. Changes to the scope of work can be made via written 'Change Orders,' with an agreement on cost adjustments linked to these changes. The contract contains options for compensation structures, either cost-plus or fixed fee, and details penalties for late payments. It also emphasizes a limited warranty for workmanship for one year. This contract serves a vital role for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a structured, legally sound framework for construction projects that clarifies responsibilities, costs, and legal protections.
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FAQ
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.
