Cost Plus Construction Contract With Guaranteed Maximum Price In King
Category:
State:
Multi-State
County:
King
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in King is a comprehensive agreement between a contractor and an owner for construction services. This contract outlines the scope of work, including detailed specifications and project plans, and emphasizes the owner's authorization for the necessary work on the project. A significant feature is the cost plus compensation structure, where the owner agrees to pay for the actual costs incurred by the contractor for materials and labor, plus a predetermined amount for services. This framework provides transparency in billing and allows flexibility to adjust for changes in project scope through written change orders. Other key provisions address the responsibilities for obtaining permits, managing soil condition issues, insurance requirements, and the implications of late payment. The form serves as a vital tool for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in construction projects, ensuring that both parties understand their obligations and rights. It is particularly useful for those looking to mitigate risks associated with unforeseen costs and project changes.
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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.
The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.
