Cost Plus Construction Contract With Guaranteed Maximum Price In Florida
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Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Florida is designed to clearly outline the agreement between the Contractor and the Owner for a construction project. Key features include the specification of the scope of work, the work site details, and the responsibilities for obtaining necessary permits. This contract format allows for flexibility in the project's cost, as it includes provisions for a cost plus fee structure, where the Owner pays for actual costs plus an agreed-upon fee, with provisions for Guaranteed Maximum Price limits. Additionally, it specifies procedures for changes in the scope of work and addresses insurance requirements, late payment penalties, and warranty limitations for workmanship. For attorneys, paralegals, and legal assistants, this form is a practical tool for drafting contracts suitable for construction projects while ensuring compliance with Florida laws. Owners will find it beneficial for protecting their interests while allowing for adjustments during the construction process. Associates and partners involved in project management can refer to this contract to facilitate clear communication and expectations between involved parties.
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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.
