US Legal Forms
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Construction Contractor Forms
Multi-State
Construction Contract for Home - Fixed Fee or Cost Plus

Cost Plus Construction Contract With Guaranteed Maximum Price In King

Category:

Construction - Contractors

State:

Multi-State

County:

King

Control #:

US-00462

Format:

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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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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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.