Construction Contract Cost Plus With Guaranteed Maximum Price In California
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Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in California is designed for use between a contractor and an owner, detailing the terms of a construction project. Key features include the scope of work, work site specifications, and responsibilities regarding permits and soil conditions. The contract stipulates that the contractor will apply for necessary permits, while clearly outlining the financial arrangement, allowing for adjustments through change orders. Notably, the contract includes provisions for contractor fees based on actual costs plus a fixed fee, or a predetermined fixed fee option. It also covers late payment penalties and warranties related to workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction projects. It provides clarity on financial obligations and project scope, ensuring all parties understand their responsibilities and liabilities during the construction process.
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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.
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.
