Cost Plus Construction Contract With Gmp In Fairfax
Category:
State:
Multi-State
County:
Fairfax
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Fairfax is a legal document that outlines the agreement between a contractor and an owner for the construction of a residence. This contract specifies the scope of work, which includes all labor and materials necessary for the project, as described by plans and specifications approved by both parties. Key features include provisions for obtaining permits, managing site conditions, and ensuring insurance coverage. The contractor is compensated based on actual costs plus an agreed-upon fee, offering flexibility to adapt to project changes. Changes in scope must be documented via written Change Orders, with costs for additional work outlined clearly. Legal professionals, including attorneys, owners, and paralegals, can utilize this form to ensure compliance with local regulations and protect their interests during construction projects. The document emphasizes clarity regarding payment terms, obligations, and warranties, making it an essential tool for effective project management.
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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.
