Cost Plus Construction Contract With Gmp In Houston
Category:
State:
Multi-State
City:
Houston
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Houston is a legal agreement between a contractor and an owner that outlines the terms for a construction project. It specifies that the owner will pay for the actual costs incurred by the contractor, plus a pre-determined fee for services. Key features include a detailed scope of work, provisions for changes through written Change Orders, liability and insurance requirements, and stipulations regarding soil conditions and permits. The document also addresses payment terms, including late payment penalties and warranty limitations for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, as it provides a clear framework for managing construction projects and mitigating disputes. It is designed to be user-friendly, ensuring that users can fill out and edit the necessary sections easily while understanding their rights and responsibilities under the contract.
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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.
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.
