Construction Cost Contract Plus With Gmp In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with GMP in Chicago is a legal document used to outline the agreement between a contractor and an owner for building projects. The contract specifies the scope of work, which includes details on labor and materials as per the plans selected by the owner. It also identifies the work site, requiring the contractor to obtain necessary permits at the owner's expense and disclaiming responsibility for soil conditions. Key features include provisions for insurance coverage, a process for changes to the scope of work through written change orders, and payment terms that can be either cost-plus or fixed fee. Additionally, it includes clauses regarding late payments, contractor warranties, and mandates that warranties for materials be assigned to the owner. This form is particularly useful for attorneys and legal assistants who need to ensure compliance with legal standards, for partners and owners who seek to protect their interests in construction projects, and for associates and paralegals who assist in contract execution and management.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
