Construction Cost Contract Plus With Guaranteed Maximum Price In Houston
Category:
State:
Multi-State
City:
Houston
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Houston outlines the agreement between a Contractor and an Owner for constructing a residential project. Key features include a detailed scope of work, site specifications, and the necessity for permits required by local authorities. It addresses various conditions such as soil responsibilities, insurance obligations, and the importance of accurate boundary surveys. The contract allows for changes to the scope of work through written change orders and specifies payment structures—either a cost-plus method or a fixed fee. Late payments incur charges, and the warranty is limited to workmanship defects for one year. This form is useful for attorneys, partners, and owners involved in construction projects, as it clarifies responsibilities and protections. Paralegals and legal assistants can assist in guiding users through the completion and modification processes to ensure compliance with legal standards.
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FAQ
Maximum Allowable Construction Area (MACA) “ the combined total of the Maximum Allowable PSO and the Maximum Allowable ISA. Maximum Allowable Unpaved Surface Area (USA) “ portion of the lot that shall remain unpaved and reserved for softscaping/planting.
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.
