Cost Plus Construction Contract With Guaranteed Maximum Price In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost plus construction contract with guaranteed maximum price in Clark is a comprehensive agreement between a contractor and an owner for the construction of a project. This contract outlines the scope of work, work site, permits, soil conditions, insurance requirements, surveys, and title information before starting construction. A key feature of this contract is the cost plus fee structure, where the owner agrees to pay the actual cost of materials plus an agreed-upon fee for the contractor's services. Additionally, the contract includes provisions for changes to the work scope and the handling of late payments. It also limits the contractor's warranty to one year for workmanship defects and assigns manufacturer warranties for materials to the owner. This contract serves as a valuable tool for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for project management and legal accountability in construction projects.
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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.
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."
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.
