Construction Contract Cost Plus With Guaranteed Maximum Price In Hillsborough
Category:
State:
Multi-State
County:
Hillsborough
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Hillsborough outlines the agreement between the contractor and owner regarding the construction project. This contract specifies the scope of work, work site, required permits, and soil conditions, making clear the responsibilities of each party. A key feature includes the cost structure, where the owner agrees to pay the actual cost of materials plus a set fee for the contractor's services, providing transparency in budgeting. Changes to the scope of work are permitted but must be documented in writing, ensuring clarity and accountability. The contract also addresses late payment penalties and warranty limitations, protecting both parties' interests. This form is particularly useful for attorneys, partners, and other legal professionals involved in real estate or construction law, as it provides a solid framework for managing client expectations and obligations. Legal assistants and paralegals can utilize this contract to draft agreements that meet their clients' specific needs while maintaining compliance with local regulations. Overall, this form facilitates effective communication and reduces the risk of disputes 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.
