Contract Cost Plus Form With Gmp In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Contract Cost Plus Form with GMP in Chicago is designed for use in construction agreements where payment is based on the actual costs incurred by the contractor, plus a guaranteed maximum price (GMP). This form outlines the responsibilities of both the contractor and the owner, including provisions for scope of work, payment terms, and change orders. Key features include the allocation of site work responsibilities, insurance coverage requirements, and the need for written authorizations for any changes to the project plan. Users should focus on accurately filling in specific project details such as work site address and payment amounts. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who handle construction law as it provides a clear framework for avoiding disputes regarding costs and obligations. The form emphasizes the importance of proper documentation, including permits and site surveys, to ensure compliance with local regulations. Additionally, it includes terms regarding late payments and warranties, safeguarding both parties' interests in the construction process.
Free preview
Form popularity
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.
