Cost Plus Construction Contract With Gmp In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00462
Format:
Word;
Rich Text
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Description
The Cost Plus Construction Contract with GMP in Franklin is a legally binding agreement between a contractor and an owner for the construction of a project, allowing for flexibility in costs. Key features include the scope of work, work site specifications, permit requirements, and stipulations regarding soil conditions. The contract outlines that the contractor is responsible for obtaining necessary permits, while the owner must cover costs related to additional site work. Insurance provisions are included to protect both parties from liabilities. Changes to the project's scope may be initiated by the owner through written change orders, and any additional costs incurred will be the owner's responsibility. Payment terms are specified as either cost plus or fixed fee, with provisions for late payments and associated penalties. The warranty section limits the contractor's liability for defects to one year, and the contractor assigns material warranties to the owner. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it establishes a clear framework for responsibilities and protections in construction 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.
