Construction Contract Cost Plus With Gmp In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with GMP in Fulton is a legal document that outlines the agreement between a contractor and an owner for the construction of a project. This form includes essential features like the scope of work, work site details, permit requirements, soil conditions, and insurance obligations. It allows for flexibility in terms of contract payment structure, offering options for cost-plus reimbursement or fixed fees. Users must provide thorough specifications and be mindful of any changes during construction, which require a written change order. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for managing construction agreements. It ensures compliance with legal requirements and protects stakeholders' rights while minimizing disputes related to costs, responsibilities, and project execution.
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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.
