Cost Plus Construction Contract With Gmp In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Kings is designed to outline the terms between a contractor and an owner for the construction of a residential project. This contract stipulates the scope of work, where the contractor is responsible for all labor and materials to complete the project as per the plans provided by the owner. It requires the contractor to obtain necessary permits and clearly defines the responsibilities regarding soil conditions at the work site, ensuring that the owner understands any additional costs associated with unforeseen site issues. Payment structure is outlined, specifying that the owner will cover the actual costs incurred by the contractor plus a fixed fee for services. Key features include provisions for change orders, insurance requirements, and warranty limitations. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, offering a clear framework for contractual agreement and management of construction projects. It facilitates efficient communication and documentation, which is vital for legal compliance and financial tracking throughout the construction process.
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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.
