Cost Plus Construction Contract With Guaranteed Maximum Price In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Collin is structured to outline the agreement between a Contractor and an Owner for a construction project. This contract specifies the scope of work, location of the project, and responsibilities concerning permits, insurance, and soil conditions. A key feature is the flexibility for the Owner to request changes in the scope, ensuring all modifications are documented through written Change Orders. Importantly, the cost structure allows for the reimbursement of actual construction costs plus a pre-defined fee. This format protects both parties by setting clear terms for late payments and warranty periods. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in construction law as it clarifies obligations and reduces disputes. It ensures that all necessary provisions are included to maintain compliance and protect interests during the construction phase.
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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.
