Cost Plus Construction Contract With Guaranteed Maximum Price In Kings

• Category: Construction - Contractors
• State: Multi-State
• County: Kings
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost Plus Construction Contract with Guaranteed Maximum Price in Kings is a comprehensive agreement between a contractor and an owner for the construction of a residential project. This contract outlines the scope of work, which includes all labor and materials needed as per the agreed plans and specifications. It designates the work site and requires the contractor to obtain necessary permits, with the costs being borne by the project. The form specifies that the contractor is not liable for soil conditions at the work site, transferring this responsibility to the owner. There are provisions for insurance coverage and requirements for a boundary survey and title opinion before construction begins. A key feature of this contract is the flexible cost structure, allowing payments based on actual costs plus a contractor fee or a fixed fee. Change orders can be initiated by the owner, which may incur additional costs. The contract reinforces late payment penalties and clarifies the warranty limitations provided by the contractor. This form serves attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear and structured approach to construction agreements, ensuring that both parties understand their obligations and rights.