Construction Cost Contract Plus With Guaranteed Maximum Price In Fairfax
Category:
State:
Multi-State
County:
Fairfax
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus With Guaranteed Maximum Price in Fairfax is a legal document that outlines the agreement between a contractor and an owner for the construction of a project. This form includes key features such as the scope of work, work site specifications, permit acquisition responsibilities, soil condition liabilities, insurance requirements, and provision for changes in the scope of work through written change orders. Importantly, it stipulates the contractor's fee on a cost-plus basis while ensuring a maximum price, providing financial clarity for owners. Users are guided on filling out the owner's payment terms and conditions for late payments and warranty details, facilitating compliance with local legal requirements. The form is vital for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it clearly delineates responsibilities and ensures legal protections. For those with limited legal expertise, the straightforward language and structured sections enhance usability and understanding.
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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.
