Construction Contract Cost Plus With Gmp In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with GMP in Chicago outlines the agreement between a Contractor and an Owner for the construction of a residential project. This contract specifies the scope of work, detailing the responsibilities of the Contractor, including obtaining necessary permits and managing any soil-related issues on the work site. A key feature is the cost-plus structure, where the Owner agrees to pay for the actual costs of materials plus a specified fee for the Contractor's services. This form includes provisions for changes to the scope of work through written change orders, late payment penalties, and warranties for workmanship defects. Attorneys, partners, and owners can utilize this form to ensure clarity in responsibilities and financial expectations, while associates, paralegals, and legal assistants can assist in its preparation and execution, facilitating compliance with local regulations and protecting both parties' interests.
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FAQ
The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.
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.
