Cost Plus Construction Contract With Guaranteed Maximum Price In Bronx

• Category: Construction - Contractors
• State: Multi-State
• County: Bronx
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost Plus Construction Contract with Guaranteed Maximum Price in Bronx is a comprehensive agreement outlining the terms between a contractor and an owner for the construction of a specified project. This contract details the scope of work, including materials and labor required, and establishes the work site where construction will occur. It mandates that the contractor secure necessary permits at the owner's expense and explicitly states that the contractor is not liable for any soil condition issues that may arise. A key feature includes provisions for changes to the scope of work, allowing the owner to request modifications through written change orders, with an agreement to cover any additional costs incurred. The fee structure consists of a cost-plus arrangement where the owner pays for actual costs plus a specified fee, ensuring transparency in pricing. Furthermore, late payment penalties are outlined to encourage timely payments. Additionally, the contractor provides a limited warranty on workmanship defects for one year, offering protection for the owner. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in property development and construction projects, as it offers a clear framework for responsibilities, costs, and liabilities associated with building contracts.