Construction Cost Contract 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 Cost Contract Plus with Guaranteed Maximum Price in Fulton is designed for use between a contractor and an owner, detailing the terms for constructing a project. It outlines the scope of work, the work site, and the responsibilities related to permits, insurance, and soil conditions. Notably, it includes a cost-plus structure where owners agree to pay for actual costs plus a fixed fee, ensuring a maximum price is set for the project. Changes to the scope of work can occur through written change orders, with the owner responsible for any additional costs. The contract addresses late payments and specifies a warranty on workmanship for one year. This contract is particularly useful for attorneys, partners, and owners involved in construction projects, as well as paralegals and legal assistants managing contract documentation. Users benefit from the clarity regarding financial responsibilities and the structured approach to project changes, fostering a clear understanding of roles and obligations.
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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.
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.
