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Contract Cost Plus Agreement With Gmp In Collin

Category:

Construction - Contractors

State:

Multi-State

County:

Collin

Control #:

US-00462

Format:

Instant download

Description

The Contract Cost Plus Agreement with GMP (Guaranteed Maximum Price) in Collin is a comprehensive construction agreement that outlines the responsibilities and liabilities of the contractor and owner. It starts by detailing the scope of work, including construction specifications and the location of the project. The contractor must obtain necessary permits, while the owner is responsible for assessing soil conditions prior to construction. Key features include a flexible payment structure, allowing for actual costs plus a fee or a fixed fee. Changes to the project scope require written change orders, with additional costs borne by the owner. There are provisions for late payments and warranty limitations that protect both parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in the construction industry as it provides clear guidelines and procedures for managing contracting work and legal compliance.

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FAQ

Contingency. Often a percentage of the GMP that provides the contractor with a financial buffer to account for unforeseen and unknown conditions. Allowances. An amount set aside for known unknowns related to materials, labor, and other project costs.

This contingency is normally calculated as a percentage. If the phase is 100 days of effort, contingency at 20% would be another 20 days. As the project progresses, the level of risk reduces as the requirements and issues become known, so the percentage will be reduced.

The recommended percentage for a contingency fund is between 5-10% of the total budget, but this may vary depending on project complexity and past experiences.

A contingent contract is a legal agreement in which the terms and conditions only apply or take effect if a specific event occurs. Essentially, the parties involved agree to perform actions or obligations based on the occurrence or non-occurrence of a particular event in the future.