Contract Cost Plus Form With Gmp In Hillsborough
Category:
State:
Multi-State
County:
Hillsborough
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Contract Cost Plus Form with GMP in Hillsborough is designed for use in construction agreements where the owner agrees to compensate the contractor for actual costs incurred plus a guaranteed maximum price (GMP). This form highlights several key features, such as defining the scope of work, work site, permits required, and specifics regarding soil conditions. Additionally, it includes provisions for insurance, survey and title requirements, and procedures for changes to the scope of work, ensuring clarity and accountability between the parties. Contractors can benefit from specifying their fees, whether based on actual costs or fixed fees, providing transparent compensation structures. This form also addresses late payment policies, warranty limitations, and the responsibilities of both contractor and owner. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in drafting, negotiating, or managing construction contracts, ensuring they have a clear framework for both legal and practical aspects of construction projects.
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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.
Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
