Cost Plus Construction Contract With Gmp In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The cost plus construction contract with GMP in Cook is a legal agreement between a contractor and an owner, outlining the terms of construction work. This contract allows the contractor to charge actual costs plus a predetermined fee for their services. Key features include detailed descriptions of the scope of work, the work site, and the responsibilities regarding permits and soil conditions. The document also explains the process for making changes to the scope of work, requiring written change orders for any modifications. Payment terms specify that owners will incur late fees for delayed payments and outlines the warranty limitations of the contractor. Utility of this form is significant for various legal professionals: attorneys may use it to ensure compliance with local laws, partners can negotiate terms effectively, owners have clear guidelines for project scope and costs, and associates, paralegals, and legal assistants can utilize it to assist their clients in understanding their obligations and rights under the contract. Overall, it provides a structured approach to managing construction projects while minimizing disputes.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
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.
