Construction Contract Cost Plus With Guaranteed Maximum Price In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Cook is a legal document entered into between a contractor and a property owner to formalize the construction of a project. This contract includes key features such as the scope of work, work site details, and responsibilities for obtaining necessary permits. Importantly, it outlines a cost-plus arrangement where the owner agrees to pay the contractor for actual material costs plus a predetermined fee, which is clearly specified in the contract. It also includes provisions for changes to the scope of work through written change orders, ensuring clarity on potential cost increases. The contract emphasizes the contractor’s responsibility for worker's compensation and insurance, thus safeguarding the owner. Designed for a varied audience, including attorneys, partners, owners, associates, paralegals, and legal assistants, this form is particularly useful for managing clear expectations and financial obligations in construction projects. Legal professionals can utilize this form to ensure compliance with local regulations and protect their client's interests 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.
Maximum Allowable Construction Area (MACA) “ the combined total of the Maximum Allowable PSO and the Maximum Allowable ISA. Maximum Allowable Unpaved Surface Area (USA) “ portion of the lot that shall remain unpaved and reserved for softscaping/planting.
