Construction Cost Contract Plus With Guaranteed Maximum Price In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Franklin is a legal document that outlines the terms between a Contractor and an Owner for construction services. The form specifies the scope of work, work site, required permits, and insurance obligations, ensuring clarity about responsibilities. Notably, it incorporates provisions for change orders, allowing Owners to modify the scope of work through written agreements while managing potential cost adjustments. The contract also details payment structures, allowing for cost-plus or fixed-fee arrangements, and includes terms for late payments and warranties on workmanship. This form serves as a vital tool for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, ensuring that all parties have a clear understanding of their rights and obligations. It's particularly useful for those new to construction contracts, as it provides a straightforward framework to navigate the legalities of building projects.
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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.
