Contract Cost Plus Agreement With Gmp In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Contract Cost Plus Agreement with GMP in Chicago is a detailed legal document that outlines the terms and conditions between a Contractor and an Owner for a construction project. Key features include a thorough scope of work, work site specifications, and the responsibilities for obtaining necessary permits. The form stipulates provisions regarding soil conditions and insurance requirements to ensure project compliance and protection for both parties. It allows for changes to the project scope through written change orders, which may affect costs. The agreement provides two payment options for contractors: a cost-plus model or a fixed fee arrangement. Additionally, it includes stipulations for late payment and default, establishing a clear framework for financial obligations. This document is beneficial for various legal professionals, including attorneys, partners, and paralegals, as it ensures clarity and legal compliance in construction agreements, facilitating smooth transactions and project management.
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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.
