Cost Plus Construction Contract With Gmp In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Chicago is designed for construction projects where the owner reimburses the contractor for actual costs plus a fee for their services. This contract outlines key components such as the scope of work, work site details, permitting responsibilities, and specific terms regarding insurance and soil conditions. Owners may request changes to the project's scope, which must be documented through written change orders, ensuring clarity in cost assignments. The contractor's fee can be set as a cost-plus arrangement or a fixed fee. The contract includes provisions for late payment penalties and warranties on workmanship, serving to protect both parties' interests. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in drafting or reviewing construction agreements. It ensures compliance with local regulations and provides a clear framework for managing costs and responsibilities throughout the construction process.
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FAQ
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.
