What is the maximum contract value?

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.

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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Contract Cost Plus With Guaranteed Maximum Price In King

Q: What is the maximum contract value?

Maximum Contract Value means the amount specified in the &quot;Limitation of Expenditure&quot; clause set out in the Contract; and Minimum Contract Value means 10% of the Maximum Contract Value.

Category:

Construction - Contractors

State:

Multi-State

County:

King

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract Cost Plus With Guaranteed Maximum Price in King is a comprehensive agreement tailored for construction projects where the cost is determined by actual expenses plus a specified fee. This contract outlines each party's responsibilities, including the scope of work, work site, permits, and insurance requirements. The contract highlights that any changes in the project scope must be recorded in writing and may affect project costs. Key features include a cost-plus payment structure, which ensures the contractor is reimbursed for actual expenses while providing a maximum cost cap for the owner. Filling instructions emphasize the need for clear specifications and timely approvals to avoid conflicts. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a standardized framework for construction agreements, ensuring legal compliance and clear communication between parties. The plain language and structured sections facilitate an understanding of the obligations, rights, and contingencies related to construction projects. Overall, it serves as a valuable resource for stakeholders in the construction industry to manage expectations and mitigate risks effectively.

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