Construction Cost Contract Plus With Guaranteed Maximum Price In Broward
Category:
State:
Multi-State
County:
Broward
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus With Guaranteed Maximum Price in Broward is designed to establish a clear agreement between the contractor and owner regarding the construction of a project. Key features include a defined scope of work, specific provisions for worksite conditions, insurance requirements, and procedures for making changes to the work scope through written change orders. This contract also stipulates payment terms based on either a cost-plus model or a fixed fee model, allowing flexibility for the owner in choosing the payment structure. Additionally, it addresses late payments and default penalties, ensuring accountability. The warranty section limits the contractor's liability for defects in workmanship to one year, while assigning all material warranties to the owner. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in construction projects as it provides a comprehensive roadmap for managing contractual relationships and expectations. It aids in minimizing disputes by clearly outlining responsibilities and liabilities, thus fostering a smoother construction process.
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FAQ
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.
