Construction Cost Contract Plus With Gmp In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with GMP in Kings is designed to establish a clear agreement between the contractor and the owner for the construction project. It includes details such as the scope of work, project site, necessary permits, insurance requirements, and conditions related to soil. Key features include the ability to modify the scope of work through written change orders, clear payment structures under cost plus or fixed fee arrangements, and provisions for late payment. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it outlines legal responsibilities and expectations, helping to prevent disputes. Filling and editing instructions emphasize clarity in providing project specifics, including timelines and payment terms. Additionally, it addresses risk mitigation through insurance and warranty clauses to protect the interests of both parties.
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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.
