Construction Contract Cost Plus With Guaranteed Maximum Price In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The construction contract for a cost plus with a guaranteed maximum price in Fulton is designed to establish clear parameters between the Contractor and the Owner regarding a construction project. This contract outlines the scope of work, which includes all necessary labor and materials to build the residence as specified by the Owner. It specifies the work site and mandates that the Contractor obtains all required permits, with costs as part of the project expense. The document limits the Contractor's responsibility for soil conditions at the work site, placing that onus on the Owner. Additionally, insurance obligations, changes to the scope of work, and payment structures are laid out distinctly. The payment can either be a cost plus arrangement, where the Owner pays the actual costs plus a specified fee, or a fixed fee. It also includes provisions for late payments and warranties, ensuring the Owner is protected against defects within a designated timeframe. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction, as it clarifies duties and liabilities while also enabling modifications if project specifications change.
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FAQ
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
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.
