Construction Cost Contract Plus With Guaranteed Maximum Price In Hennepin
Category:
State:
Multi-State
County:
Hennepin
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Hennepin is a legal document that outlines the terms of service between a contractor and an owner for a construction project. This contract includes a detailed scope of work, specifying the materials and labor the contractor will provide. It designates the work site and mandates the contractor to obtain necessary permits while clarifying that soil conditions are the owner's responsibility. A significant feature is the ability for the owner to make changes to the scope of work via written change orders, with costs adjusted accordingly. The payment structure offers a cost-plus arrangement or a fixed fee, ensuring transparency in costs. Additionally, the contract covers late payment penalties and warranty details for workmanship and materials. This form serves as a critical tool for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for managing construction projects and protecting the interests of all parties involved.
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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.
