Construction Contract Cost Plus With Guaranteed Maximum Price In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract for cost plus with guaranteed maximum price in Clark is designed to outline the responsibilities between the Contractor and the Owner for a building project. Key features of this contract include a detailed scope of work which defines the project specifications, and establishes the work site where construction will occur. It specifies that the Contractor is responsible for obtaining necessary permits and highlights that any additional expenses related to site conditions fall to the Owner. The contract permits changes to the project's scope through written change orders, with the Owner responsible for any resultant cost increases. Importantly, the payment structure allows for a cost plus model, where the Owner covers the actual cost of materials plus an agreed sum for services, ensuring clarity in financial expectations. This form serves as an essential tool for attorneys, partners, owners, associates, paralegals, and legal assistants who seek to formalize agreements and protect the interests of all parties involved in construction projects. It streamlines the documentation process while aligning with legal requirements, making it practical for both experienced and novice users in the construction field.
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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.
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
In short, a construction risk manager "identifies risks and comes up with methods for avoiding them," write the career experts at Indeed. "They consider the financial, legal, environmental and reputational risks that the organization and employees may face."
